DOGE 12% Up as Close to Half Billion Dogecoin Goes to Coinbase and Robinhood
Release: 2024/05/22 20:29 Reading: 649
Cover image via U.Today
According to data published by Whale Alert, a leading blockchain sleuth that tracks large cryptocurrency transactions, nearly half a billion Dogecoin has been transferred to two prominent trading platforms, likely with the intent to sell. This occurred amidst a significant price surge for Dogecoin this week.
Prior to these two transactions, three large DOGE withdrawals were made from the Robinhood investment platform.
? 89,999,572 #DOGE (15,186,295 USD) transferred from unknown wallet to #Coinbase
https://t.co/ltMb7UkBfF
— Whale Alert (@whale_alert) May 22, 2024
680.9 Million DOGE on the Move
The aforementioned data source announced five substantial transactions involving the transfer of approximately 681 million DOGE. The latest two of these transactions sent 89,999,572 and 300,000,000 DOGE meme coins to Coinbase and Robinhood, respectively. These transfers were valued at $65.5 million in fiat and were likely intended for sale on those exchanges.
? ? ? 300,000,000 #DOGE (50,403,127 USD) transferred from unknown wallet to #Robinhood
https://t.co/dAvuSOIVWR
— Whale Alert (@whale_alert) May 21, 2024
Prior to these, Whale Alert reported three additional transactions involving 82,698,136, 70,081,079, and 138,326,037 Dogecoin. This amounted to $48.7 million and represented withdrawals from Robinhood to anonymous blockchain wallets, indicating purchases and transfers to cold storage.
Dogecoin remains a popular choice among crypto whales, ranking among the top ten digital assets in terms of adoption. Additionally, it enjoys the support of tech billionaire Elon Musk and the DOGE community harbors hopes that he will integrate DOGE into X this year when internal payments are introduced.
Dogecoin Surges 12% in Recent Days
Over the past few days, Dogecoin has experienced an impressive price increase of over 12%, rising from $0.1520 on Monday to $0.1716 earlier today.
However, this surge was followed by a decline of over 3%, bringing the price down to $0.1667.
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