$2 Billion in DOGE Held by Robinhood Now After Big Decline in Its Dogecoin Supply

27 May 2023

in DOGE

Reading Time: 1 mins read

Yuri Molchan

Whales have been moving around big stashes of DOGE; tens of millions of DOGE moved to Binance

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According to a series of recent tweets published by the @DogeWhaleAlert wallet tracker, over the past 24 hours anonymous wallets have shoveled slightly over 200 million Dogecoin between each other.

Four transactions carrying 50 million and 57 million DOGE have been spotted, moving a total of 214.8 million Dogecoin. A total of 50,054,471 DOGE was transferred from an unknown wallet to the Binance exchange. The overall worth of the transferred Dogecoins stands at roughly 15 million.

Robinhood’s DOGE stash shrinks drastically

According to the same source, the amount of DOGE held by the popular trading platform Robinhood has recently seen a major decline.

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While it held at 24% of the circulating supply for more than a year on behalf of its customers, earlier this week, @DogeWhaleAlert spread the word around the crypto community that now the amount of DOGE contained in Robinhood’s wallets dropped by 8%, reaching 16% of the circulating supply of the original meme cryptocurrency.

This now totals 22,641,958,530 Dogecoin worth $1,614,439,569.

The wallet tracker explained this DOGE supply decline referring to massive outflows of Dogecoin from Robinhood conducted earlier. Back then, a combined 5,700,000,000 DOGE in several transfers were withdrawn from Robinhood and moved to anonymous addresses. Those were chunks of 680 million Dogecoins each.

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