The Dogecoin [DOGE] market witnessed the motion of 90 million DOGE tokens valued at $14.2 million. This exorbitant quantity was withdrawn from Robinhood early Friday. Whale Alert, a distinguished blockchain tracker make clear this transaction. This noteworthy transaction has drawn vital consideration from the crypto neighborhood.
At press time, Dogecoin’s value has seen a modest rise of 1% and is now buying and selling at $0.1599. Earlier at present, it reached a 24-hour excessive of $0.1645. Over the previous month, the asset has risen almost 12%, signaling elevated investor curiosity. Regardless of at present’s uptick, the meme coin famous a 3% drop earlier earlier than recouping some losses.
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Robinhood’s Affect on Dogecoin
Robinhood, a commission-free funding app, has performed a vital function in Dogecoin’s historical past because it started supporting the cryptocurrency in 2018. The platform’s dominance in U.S. retail buying and selling considerably contributed to DOGE’s dramatic rise in early 2021, pushed by a surge in retail investor participation.
In accordance to Robinhood’s Q1 replace, its customers collectively maintain $7.4 billion value of Dogecoin. This surpassed their holdings in Ethereum [$5.6 billion]. Bitcoin stays probably the most substantial holding amongst Robinhood customers, totaling $10.4 billion.
Alongside the latest withdrawal from Robinhood, there was vital whale exercise round Dogecoin. Sentiment knowledge revealed that Dogecoin whales have bought 700 million DOGE value about $112 million prior to now 24 hours. This substantial shopping for stress, nonetheless, has not resulted in a robust value enhance for the asset. Whereas the asset has demonstrated some resilience and reasonable positive factors, its piece efficiency stays lackluster regardless of vital whale exercise. Platforms like Robinhood proceed to play a vital function in shaping the trail of property like Dogecoin.