DOGE's Stash of Robinhood Falls to 16% of Circulating Supply, Here's Reason

For quite a long time, the amount of Dogecoins stored by popular brokerage Robinhood has held steady at 24% of the circulating supply of the meme coin.

However, earlier today, @DogeWhaleAlert reported that for the first time, it has dropped from 24% to 16%. The Dogecoin tracking account has cited a possible reason for this decline.

Massive withdrawals of DOGE

According to @DogeWhaleAlert, two days ago 5,700,000,000 DOGE were withdrawn from Robinhood in total in a series of nine massive transfers. Eight of them carried 680,000,000 DOGE each. One of those transactions moved 270,000,000 DOGE.

🐕🪙🐋🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨

680,000,000 $DOGE ($49,736,560 USD) was transferred from a #Top20 wallet to a #Top20 wallet.

Fee: 1.51 ($0.11 USD)

Tx: https://t.co/SA7xoy2AoT#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews

— Ðogecoin Whale Alert (@DogeWhaleAlert) May 22, 2023

The source tweet says that these withdrawals were made from Robinhood to a top 20 wallet. However, the tracker states that this unknown destination address may belong to Robinhood as well. There is no certainty on this point yet.

#Dogecoin circulating supply held by @RobinhoodApp was steady at 24% but has now dropped to 16%.

See series of tweets we sent 2 days ago... several massive txs moving $doge from Robinhood to top 20 wallet.

It is possible that the receiving "top 20" wallet belongs to… https://t.co/A6pw7ZeiX0

— Ðogecoin Whale Alert (@DogeWhaleAlert) May 25, 2023

Currently, Robinhood holds 22,641,958,530 Dogecoins evaluated at $1,598,454,346 USD. This is 16.23% of the DOGE supply circulating on the market.