Mysterious Whale Withdraws 226 Million DOGE from Robinhood

As Dogecoin's price faces downward pressure, a mysterious DOGE whale makes significant acquisitions of the prominent meme cryptocurrency. Two substantial transactions, totaling over 226 million DOGE, have been observed transferring from Robinhood to an undisclosed wallet, as reported by Whale Alert.

Whale's Acquisition

Within the past 24 hours, an anonymous cryptocurrency whale executed two substantial withdrawals from Robinhood. These transactions amounted to 150,000,000 and 76,316,694 DOGE, accumulating a total of more than 226 million Dogecoins. At the time, this sum was valued at nearly $40 million.

Both transfers were directed to the same wallet, identified as -uc1wwKF, which currently holds an impressive 2,052,284,869 Dogecoins, equivalent to $286,909,424. The whale has also witnessed three incoming transfers since April 24, totaling 129,693,892; 40,300,290; and 51,968,427 Dogecoins, respectively. Prior to these acquisitions, the whale had disposed of 395,000,000 DOGE in three transactions.

Inactive DOGE Whales

A recent report from Santiment highlights a decline in non-zero Dogecoin wallets, indicating a decreased activity among DOGE whales. Despite previous increases observed earlier this year, the number of these addresses has plateaued. Notably, DOGE wallets have exhibited better performance compared to Cardano wallets, which have experienced a significant decrease. Conversely, Bitcoin wallets with a non-zero balance have been steadily increasing, despite the cryptocurrency market's volatility.

Market Performance

Dogecoin has witnessed a recent decline, losing 8.5% since Sunday and only marginally recovering today. Over the past week, DOGE has dropped nearly 15%, currently priced at $0.1384. Despite this, Dogecoin maintains its position within the top 10 cryptocurrencies by market capitalization, ranking eighth with a market cap of $20,003,212,269.