90 Million DOGE Tokens Suddenly Leave Robinhood as Price Slips 3%
Release: 2024/05/31 15:49 Reading: 363
The Migration of Dogecoin from Robinhood
A recent report from Whale Alert reveals a significant movement of Dogecoin (DOGE) from popular trading platform Robinhood. Approximately 90 million DOGE tokens, valued at roughly $14.2 million, were withdrawn approximately eight hours ago.
Robinhood has been a prominent player in Dogecoin's history, adding support for the cryptocurrency in 2018. In early 2021, the platform played a crucial role in DOGE's surge in popularity, as it dominates retail trading activities in the United States.
As per Robinhood's Q1 update, Dogecoin is the second most popular holding among its users, with a value of $7.4 billion. This surpasses Ethereum's holdings of $5.6 billion, highlighting the significant interest in the meme cryptocurrency. However, Bitcoin remains the most significant asset for Robinhood users, with a value of $10.4 billion.
Whale Accumulation and Price Prospects
Amidst the exodus from Robinhood, data from Santiment indicates that Dogecoin whales have acquired a massive 700 million DOGE tokens (approximately $112 million) over the past 24 hours. This accumulation suggests continued whale interest in the cryptocurrency.
Despite the buying pressure, Dogecoin's price action has remained underwhelming. However, popular cryptocurrency trader Kaleo forecasts that the meme coin may undergo a period of consolidation within its current range before a potential surge.
Currently, Dogecoin remains significantly below its all-time high, trailing by around 72%, despite a notable 83% rally in 2024.
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