Recently, the transfer of a notable amount of DOGE to Robinhood has triggered a significant decline in prices, prompting apprehension.
Michaboar's revelation that Robinhood is the largest holder of DOGE dispels whale rumors.
Cryptocurrency investors are reminded to verify information amidst market volatility.
In a recent noteworthy transaction, involving 245 million Dogecoins (DOGE), sent shockwaves through the cryptocurrency community as the asset was transferred to the trading platform, Robinhood. Alongside this substantial movement of the meme-themed virtual currency within the cryptocurrency sphere, a considerable drop in its value ensued, leading to a flurry of nervous cryptocurrency portfolio checks among investors.
Significant DOGE Transfer to Robinhood
Over the past 24 hours, Whale Alert, a widely-tracked cryptocurrency transaction website, reported a total transfer of 245 million Dogecoins to the well-known cryptocurrency trading platform, Robinhood. The transfer originated from an undisclosed party, with $50 million worth of the cryptocurrency being purchased at the time of the transaction.
It was of utmost significance that the value of DOGE sharply declined upon the revelation of the magnitude of the total amount withdrawn. Ultimately, Dogecoin experienced a sudden drop of approximately 8 percent from its previous price.
While it also experienced a 2.02% rebound, the significant drop shook the confidence of the majority of investors and believers.
Speculation Surrounding 245 Million DOGE Transfer to Robinhood
The recent DOGE transfer to Robinhood, valued at $245 million, including some in circulation, has sparked speculation and concern among Dogecoin enthusiasts. As the cryptocurrency's price plummeted abruptly, debate also arose regarding the identity behind the multimillion-dollar purchasing activity.
While one speculation points to "Mishaboar," the alleged "DOGE whale" is none other than the Robinhood exchange, which serves as a custodian for cryptocurrencies.
