For a long time, it was stored by the popular broker Robinhood. dogecoin amount remained stable at 24% of the circulating supply of meme coin. However, earlier today @DogeWhaleAlert reported that it fell from 24% to 16% for the first time. The Dogecoin watch account cited a possible reason for this drop.
Large Withdrawals from DOGE
to DogeWhaleAlert according toWith nine major transfers, a total of 5,700,000,000 DOGE was withdrawn from Robinhood two days ago. Eight of these carried 680,000,000 DOGE each. One of these transactions carried 270,000,000 DOGE.
🐕🪙🐋🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨
680,000,000 $DOGE ($49,736,560 USD) was transferred from a #Top20 wallet to a #Top20 wallet.
NEWS CONTINUES BELOWFee: 1.51 ($0.11 USD)
Tx: https://t.co/SA7xoy2AoT#DogecoinWhaleAlert #WhaleAlert #dogecoin #CryptoNews
NEWS CONTINUES BELOW— Ðogecoin Whale Alert (@DogeWhaleAlert) May 22, 2023
The source tweet states that these withdrawals Robinhoodmade into the top 20 wallets from says. However, the follower states that this unknown destination address may also belong to Robinhood. There is no certainty at this point yet.
#dogecoin circulating supply held by @RobinhoodApp was steady at 24% but has now dropped to 16%.
See series of tweets we sent 2 days ago… several massive txs moving $dog from Robinhood to top 20 wallet.
It is possible that the receiving “top 20” wallet belongs to… https://t.co/A6pw7ZeiX0
— Ðogecoin Whale Alert (@DogeWhaleAlert) May 25, 2023
Currently Robinhood is worth 22,641,958,530 USD 1,598,454,346 meme coin is holding. This corresponds to 16.23% of the DOGE supply circulating in the market.