Robinhood Facilitates Major Dogecoin Transactions
Two significant Dogecoin (DOGE) transactions, each exceeding $50 million, were processed on Friday through the popular investment platform Robinhood. These transactions, each involving 400 million DOGE, occurred within an hour of each other and were sent to the same anonymous wallet.
This activity follows a trend of increased whale activity with DOGE this week, with large investors accumulating substantial amounts of the meme cryptocurrency. The whale responsible for these withdrawals now holds over 31 billion DOGE, worth approximately $4 billion.
Prior to these DOGE transfers, Robinhood also witnessed a significant withdrawal of Shiba Inu (SHIB), another popular meme coin. A single transaction saw 2.7 trillion SHIB, equivalent to $48.3 million, leave the platform.
This surge in DOGE and SHIB transactions highlights the growing interest among large investors in meme cryptocurrencies and underscores Robinhood's role as a platform facilitating such transactions. This trend could potentially influence the volatility and price of these cryptocurrencies, impacting both individual and institutional investors.