Following the Withdrawal of 3.2B DOGE, Robinhood's Dogecoin Reserve Decreases

Following the Withdrawal of 3.2B DOGE, Robinhood’s Dogecoin Reserve Decreases

  • Robinhood moved DOGE worth $218 million to a new wallet.
  • The reaction from the DOGE community was mixed.

After the data monitoring tool, DogeWhaleAlert discovered significant withdrawals of DOGE, Robinhood’s Dogecoin holdings dropped down from the stable supply of 24% to 16%. Robinhood is a commission-free trading and investing platform that deals in both stocks and cryptocurrencies.

According to data from DogeWhaleAlert, a data tracking service that issues whale alerts for transactions totaling more than four million DOGE, about 8% of the total supply was moved by Robinhood to a new wallet. This is equivalent to 3.2 billion DOGE or nearly $218 million. 

As a result of this transfer, the quantity of DOGE Robinhood had in its wallets, which was formerly stable at around 24%, has fallen to 16%.

The transfers were reported on the microblogging site Twitter as they happened, with numerous large transactions being sent to the receiving wallet according to DOGE whale tracking website Dogecoin Whale Alert.

The 8% Drop in DOGE Robinhood Wallet 

Uncertainty exists over the new wallet’s affiliation with Robinhood. One possibility is that the company may be reorganizing its assets for reasons that are now unclear.

The data tracker showed many transactions to the Robinhood wallet during the last 24 hours. DogeWhaleAlert revealed that fourteen transactions totaling 100 million DOGE, worth almost $6.7 million apiece, were made from one Robinhood wallet to another.

Other reported transactions included the anonymous transfer of 10,988,259 DOGE worth $724,269 from numerous wallets to a top-20 wallet.

Robinhood’s wallets had 33,562,118,525 DOGE on behalf of its customers prior to the enigmatic transactions. This represented $2,642,446,278 in value at the time, or 24.11% of the entire Dogecoin supply.

Currently, Robinhood has 22,641,958,530 Dogecoins worth $1.6 billion, or 16.23% of the total DOGE supply on the market.

Other Notable Movements of DOGECOIN

A mystery DOGE whale moved over 13 million tokens of the meme-inspired cryptocurrency in a series of transactions earlier this month.

In a sequence of transactions that cost them only 3.63 DOGE in fees, or $0.26 at the time of the transaction, the DOGE whale transferred 13 million tokens, valued over $927,000 at the time of the transaction, from numerous wallets to a newly established wallet.

Over the last several weeks, the Dogecoin blockchain has seen some notable changes. An inactive DOGE account with 1.5 million coins has just reappeared, as CryptoGlobe reported, after being idle for 9.3 years.

Long-term investors are now holding tens of billions of tokens of the meme-inspired cryptocurrency, as organizations that have been HODLing the asset for more than a year now own 44.8 billion tokens, valued at more than $3.7 billion.

Community’s Reaction on the Move

Because of the increased demand for DRC20 tokens, a new generation of digital assets which are being produced on the Dogecoin network, the number of DOGE transactions hit an all-time high of approximately 630 thousand, breaking the previous record.

The reaction from the DOGE community was mixed, with some members suggesting that the creation of additional tokens is just an effort to pack more of them into the Dogecoin network.

Some people have a positive outlook on the surge, stating that it is a wonderful chance for stress testing the network since the tokens give an excellent opportunity for doing so.