Dogecoin drops 15% after Anon Whales shift 250 million DOGE

Dogecoin drops 15% after Anon Whales shift 250 million DOGE

By Charles Thuo - min read

Dogecoin (DOGE), the largest meme crypto, has dropped by more than 15% in the last 24 hours after Anon whales shifted 250 million DOGE with half of the amount going to Robinhood.

At the time of writing, DOGE was trading at $0.07903, down 15.51% after retracing from a daily high of $0.09932.

Half of the amount transferred to Robinhood

According to a tweet by @DogeWhaleAlert, an account that tracks big Dogecoin transfers, two transactions were carried out each exceeding 100 million, that is, 110,614,220, and 139,261,848 meme coins each worth $8,497,274 and $11,625,997 respectively. 

The second transaction of 139,261,848 Dogecoins was transferred to Robinhood, a popular US-based trading app that enables customers to invest in stocks and cryptos like Bitcoin, DOGE, Ethereum, Bitcoin Cash, Shiba Inu, Solana, and other popular coins.

Earlier this year, the service also started allowing customers to use local crypto wallets to deposit, store and withdraw digital currencies.

Yesterday, U.Today reported that Robinhood held 40,998,170,618 DOGE (worth $4,390,002,113) for its clients, which is approximately 30.90% of the DOGE circulating supply.

Recent DOGE activities

Following Terra UST dollar peg loss and the downtrend of Bitcoin, Dogecoin has also been trading sideways.

Currently, DOGE is 89.29% down from the all-time it had set last year, May 8, when it rallied to $0.7376 after Elon Musk, Tesla CEO and owner of SpaceX, called himself “The Dogefather” on Twitter and then debuted on Saturday Night Live (SNL).

However, Musk’s appearance on American TV resulted in a massive DOGE selloff but after three days dropped to $0.45.

The Tesla boss has been a major fan of DOGE and he has been mentioning the token a couple of times on his Twitter posts causing the token price to rally. However, as time went by his tweets’ effect started dimming and sometimes caused a short-term rally in the token price.

In January this year, Tesla Company started accepting Dogecoin payments for the selected merchandise in its online shops. But Musk commented on the move by saying that this was just an experiment and that he will see how it will go.