Within the past 24 hours, Whale Alert reports that 1.87 billion Dogecoin (DOGE) have been transferred involving the popular investment platform Robinhood. Anonymous whales moved nearly two billion DOGE, with half withdrawn and half deposited to Robinhood. The largest transaction involved 250,865,164 DOGE, valued at $45.78 million.
Dogecoin Whales Transfer $196.9 Million in Massive Transactions Involving Robinhood
A comprehensive report released by Whale Alert, a prominent cryptocurrency tracking service, has unveiled substantial Dogecoin (DOGE) transfers involving the popular investment platform Robinhood within the last 24 hours. The aggregate volume of these transactions reached a staggering 1.87 billion DOGE, equivalent to approximately $196.9 million in fiat currency.
The report identified six sizable transactions, each moving hundreds of millions of DOGE between anonymous whales and Robinhood. Notably, 939,490,726 DOGE, valued at $169,905,254, was withdrawn from Robinhood, while an equivalent amount of 931,332,517 DOGE was deposited into the platform. The largest withdrawal comprised 250,865,164 DOGE, worth $45,777,632, while the most significant deposit totaled 230,000,000 DOGE, amounting to $41,536,946.
These large-scale transfers occurred amidst a surge in Dogecoin's market capitalization, which has propelled the cryptocurrency to eighth place on CoinMarketCap's rankings, surpassing Cardano (ADA). DOGE currently boasts a market cap of $26,528,729,566, outpacing ADA's $24,083,566,755. This is not the first time DOGE has surpassed ADA in market capitalization this year, having previously achieved this feat earlier in March.
Coinciding with the surge in market capitalization, Dogecoin's price has experienced a significant upswing since Monday, rising by more than 9% to $0.1849 at the time of writing. Over the past seven days, DOGE has witnessed a remarkable 43.86% increase in value.
Analysts attribute this upward momentum to the anticipation that Tesla CEO Elon Musk, whose X platform recently secured additional state licenses for payment processing in the United States, will integrate Dogecoin payments into his platform. Musk has previously expressed his belief that DOGE is ideally suited for micropayments.
