A substantial quantity of Dogecoin (DOGE) has been transferred to Robinhood from an enigmatic blockchain address, coinciding with a 5% surge in the DOGE price.
Whale Alert, a leading cryptocurrency tracking platform, reported a significant Dogecoin transfer about 15 hours ago, with an anonymous whale sending a substantial amount to the well-known brokerage platform Robinhood.
Mysterious Whale Transfers Over 100 Million DOGE to Robinhood
A substantial Dogecoin (DOGE) transaction involving over 100 million coins was recently identified by cryptocurrency tracking platform Whale Alert.
The anonymous whale executed a transfer of 103,293,021 DOGE to Robinhood, with an additional 2,765,809 DOGE sent in a separate transaction within the past 24 hours. The whale’s wallet, as observed on the Blockchair explorer, has been notably active, involving various transactions, including sizable incoming and outgoing transfers.
🚨 103,293,021 #DOGE (7,909,944 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/izkhxRskIC
— Whale Alert (@whale_alert) January 23, 2024
The wallet history reveals a series of transactions, including an inflow of 21,000,000 DOGE today, outgoing transfers of 550,299 and 82,111,111 DOGE, as well as significant inflows on Jan. 22 and Jan. 17. The whale’s total spending indicates 19,689,063,770 DOGE spent and 19,691,829,579 DOGE received, leaving a balance of 2,765,809 Dogecoin at the time of reporting.
The motive behind these transactions, particularly the transfer to Robinhood, suggests a potential intention to sell the acquired DOGE. Meanwhile, DOGE’s price has experienced a 5% increase in the past 24 hours.
Dogecoin Struggles for Recovery Amid Recent Price Volatility
In the wake of its remarkable price drop, Dogecoin (DOGE) is currently in a phase of recovery. Since January 20, DOGE has experienced a notable decline of 21.37%, reaching a local low of $0.7660 on Tuesday. Preceding this downturn, the DOGE price exhibited an impressive surge of 28.39%, triggered by the announcement that Elon Musk was gearing up to introduce internal peer-to-peer payments on his social media platform, X/Twitter.
The DOGE community remains optimistic, anticipating the inclusion of DOGE in the official payment tools list on X, fueling expectations for a potential surge in the coin’s value. In the last 24 hours, the meme-inspired cryptocurrency has seen a 5% increase, with its current trading price standing at $0.08032 at the time of writing.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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