Dogecoin, a meme-themed virtual currency, recently made headlines in the cryptocurrency community with a noteworthy transaction of 245 million coins sent to the popular trading platform Robinhood. This massive movement of Dogecoin was accompanied by a significant decrease in its value, causing many investors to anxiously check their crypto-wallets.
In the past 24 hours, Whale Alert, a well-known website for tracking cryptocurrency transactions, reported that a total of 245 million Dogecoins were transferred to Robinhood. The transaction was carried out by an unidentified party, who purchased $50 million worth of Dogecoin at the time.
The impact of this large transfer on the value of Dogecoin was significant, as the sudden withdrawal of such a substantial amount caused its price to drop by nearly 8% by the end of the day. Although the price has since made a 2.02% recovery, the initial sharp decline shook the confidence of many investors and believers in the cryptocurrency.
The transfer of 245 million Dogecoins to Robinhood has sparked speculation and concern among Dogecoin enthusiasts. The controversy surrounding the identity of the person or entity behind these multi-million dollar purchases has also arisen. While one individual, known as ‘Mishaboar’, has been confirmed to be involved, there are allegations that the “whale of DOGE” is actually Robinhood itself, as the exchange serves as a custodian for cryptocurrencies.
