Robinhood Traced $100M Dogecoin (DOGE) Transactions to and from Its Platform

Two significant Dogecoin DOGE/USD transactions, each totaling over $50 million, took place on Friday. These transactions were traced back to the well-known

Two large Dogecoin (CRYPTO: DOGE) transactions, each valued at over $50 million, were made on Friday from the popular investment platform Robinhood, according to several on-chain monitoring services.

Each transaction involved 400 million DOGE and was completed within an hour of each other on Friday, as reported by Whale Alert.

The on-chain data suggests that crypto whales have been actively accumulating large amounts of DOGE this week. Both 400 million DOGE transactions were directed to the same anonymous wallet, ending with -Mzs1pMke.

In addition to these substantial DOGE transfers, Robinhood also moved 128,775,727 DOGE and 2,069,990 DOGE to its internal blockchain addresses.

The whale that withdrew the 800 million DOGE now holds a total of 31,777,003,228 DOGE, valued at approximately $4 billion.

Prior to these DOGE transfers, a large withdrawal of another popular meme cryptocurrency, Shiba Inu (CRYPTO: SHIB), was also observed from Robinhood.

A single transfer saw 2.7 trillion SHIB, equivalent to $48.3 million, being withdrawn from the platform.

This recent activity highlights the growing interest among large-scale investors, or whales, in meme cryptocurrencies, and it also showcases Robinhood’s role as a popular platform for such transactions.

This trend could potentially influence the volatility and price of these cryptocurrencies, impacting both individual and institutional investors.

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