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374 Million Dogecoin Exchange Hands Anonymously Amid 17.4% DOGE Crash

source-logo  u.today 13 April 2024 11:25, UTC

Popular blockchain sleuth Whale Alert has published several tweets to share that over the past 24 hours, DOGE whales have become pretty active in transferring massive amounts of meme coins.

Several hundred million Dogecoin have been withdrawn from the popular trading app Robinhood. It happened while the original meme cryptocurrency faced a flabbergasting 19% crash, therefore many commentators suggested that anonymous whales have bought the dip.

374 million DOGE moved, almost all of grabbed on Robinhood

Whale Alert has detected three large transactions carrying 150,000,000, 100,000,000 and 74,024,901 DOGE. The first two massive chunks of meme coins were withdrawn from Robinhood, while the smallest DOGE amount here was a deposit to that popular trading platform.

🚨 🚨 150,000,000 #DOGE (26,036,962 USD) transferred from #Robinhood to unknown wallethttps://t.co/Z4P1JnNtsb

— Whale Alert (@whale_alert) April 12, 2024

In total, this 374 million Dogecoin hunk was evaluated at $55.8 million in fiat at the time when these transfers took place.

🚨 74,024,901 #DOGE (12,583,531 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/H9KdL5hAwY

— Whale Alert (@whale_alert) April 13, 2024

Overall, the 74 million DOGE moved to Robinhood were either targeted for selling or they were sent there for long-term storage. The platform is known to hold billions of DOGE on behalf of its customers and, as reported, by U.Today recently, a major DOGE contributor Mishaboar announced on the X app that Robinhood’s wallet accounts for holding 30% of the entire circulating supply being the largest single DOGE holder in the market.

Dogecoin sees 19% plunge

Between Thursday and Friday this week, the biggest canine-themed meme coin DOGE demonstrated a massive plunge by roughly 19.5%. However, the coin then made two attempts to recover and has by now pared some of its losses, rising by 6.71%. At the time of this writing, Dogecoin is changing hands at $0.1708 on the Binance exchange.

DOGE’s price crash followed the correction experienced by the world’s largest cryptocurrency Bitcoin. On Friday, BTC suddenly plunged by roughly 7%, losing approximately $2,500 in value and then partly recovered its losses. Over $300 million worth of crypto in liquidations followed across the cryptocurrency markets.