The DOGE community has called attention to several Dogecoin whale transactions involving the trading platform Robinhood and an unknown wallet.
Notably, wallet tracking resource Whale Alert first flagged the fund movements, which involved a total of 345 million DOGE tokens moved by a single wallet. Specifically, Whale Alert confirmed that at 1:34 PM UTC today, a Dogecoin whale moved 200 million DOGE worth $49.74 million from Robinhood to an unidentified wallet.
Interestingly, in a second alert, the whale tracking resource revealed that 145 million DOGE worth $36.064 million moved from Robinhood to the same unknown wallet at 1:34 PM UTC today. These two movements totaled 345 million DOGE, worth a combined $85.8 million.
Details of the Dogecoin Whale Transactions
However, a look into the transactions confirms that both movements came from the same Robinhood address, DDu…wKF, marked as a cold wallet belonging to the trading platform. On-chain data indicates that the address carried out the two transactions in one fell swoop, transferring the assets to the same whale address DGT…4Km.
Notably, while the Dogecoin whale address does not carry the Robinhood tag, it appears to have been interacting multiple times with Robinhood, with each interaction involving millions of DOGE. Since July, the Robinhood cold wallet has moved 2.185 billion DOGE tokens to this Dogecoin whale address.
Despite these massive flows, DGT…4Km currently only holds 754.64 million DOGE worth $186.35 million at current rates. Interestingly, the wallet has periodically moved its DOGE tokens to other exchanges such as Coinbase and Bitstamp, as well as other unidentified addresses.
This indicates that the address might actually belong to Robinhood. If this is the case, Robinhood likely uses that wallet as an operational hub. It probably serves for batching user deposits, managing liquidity, settling trades with exchanges, funding hot wallets from cold storage, and routing assets through custodians and partners.
A Trend of Whale Movements
The latest Dogecoin whale transactions are part of a broader trend of recent movements on the network. For context, The Crypto Basic confirmed last month that Dogecoin whale activity surged to a 1-month peak, as whale transactions averaged 20 to 60 per day amid an accumulation spree.
Moreover, on July 24, market commentator Ali Martinez found that Dogecoin whale addresses gulped 310 million DOGE tokens in just 48 hours. These movements coincided with a massive price correction at the time, leading to speculations that they were part of a “buy the dip” campaign.
Meanwhile, the latest whale transactions come at a time when Dogecoin is recovering after nearly two weeks of sideways movements. Specifically, after dropping from a high of $0.25 on Aug. 24, DOGE consolidated between $0.23 and $0.20 until Sept. 7, when it joined a broader market rebound. Today, Dogecoin trades for $0.249, up 15% since Sept. 7.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
