In a series of transactions, a massive amount of Dogecoin, over $26 million tokens, have been transferred from the Robinhood exchange to unidentified wallets.
WhaleAlert, a cryptocurrency transaction tracker, has spotted some significant movements of Dogecoins from the California-based exchange Robinhood to undisclosed crypto wallets.
This series of events continues to spark intrigue across the crypto community and speculations surrounding the reasons for the transactions emerge.
A breakdown of the transactions
According to WhaleAlert, over the past 24 hours, 3 sizeable Dogecoin (DOGE) transactions have been made from the Robinhood crypto exchange. Per the report, the first transfer carried 72,264,817 DOGE tokens (valued at $5.8 million) to a wallet addressed labeled ‘unknown.’
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Shortly after, two other transactions moving a staggering 100 million (worth $8.27 million) and 150 million Dogecoins (valued at $12.4 million) respectively were spotted.
However, this is not the end of it. These transactions are only part of a larger trend of massive DOGE movements in the past month. On February 9, the aforementioned tracker reported that 63.7 million Dogecoins (valued at $5.2 million) were transferred from Bittrex to an anonymous wallet.
Less than 24 hours later, a sizeable 150 million DOGE was sent from an ‘unknown wallet’ to the Robinhood exchange. Furthermore, earlier in the month, 203 million Dogecoins in two transactions of 100 million and 103 million respectively were moved from Robinhood to another unidentified wallet.
These transactions come amid Dogecoin’s recent fall from the list of the top 10 largest cryptocurrencies by market cap. 36Crypto previously reported that DOGE has been replaced by Chainlink (LINK) in the #10 spot on the crypto market chart.
Dogecoin price reaction
Despite the several large DOGE transactions, the price of the token has demonstrated strength and stability. According to data from Coinstats, Dogecoin is currently trading at $0.08, representing a 0.52% increase in the last 24 hours.
DOGE trade volume has also surged within this time. Per CoinMarketCap data, Dogecoin’s 24-hour trading volume has spiked by 13.6% resting at $419.3 million. The increase in volume underscores investors’ optimism and confidence in the project.
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.