DOGE’s Stash of Robinhood Falls to 16% of Circulating Provide, Here is Motive

For fairly a very long time, the quantity of Dogecoins saved by standard brokerage Robinhood has held regular at 24% of the circulating provide of the meme coin.

Nevertheless, earlier immediately, @DogeWhaleAlert reported that for the primary time, it has dropped from 24% to 16%. The Dogecoin monitoring account has cited a attainable purpose for this decline.

Large withdrawals of DOGE

In line with @DogeWhaleAlert, two days in the past 5,700,000,000 DOGE had been withdrawn from Robinhood in whole in a sequence of 9 huge transfers. Eight of them carried 680,000,000 DOGE every. A type of transactions moved 270,000,000 DOGE.

🐕🪙🐋🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨

680,000,000 $DOGE ($49,736,560 USD) was transferred from a #Top20 pockets to a #Top20 pockets.

Charge: 1.51 ($0.11 USD)

Tx: https://t.co/SA7xoy2AoT#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews

— Ðogecoin Whale Alert (@DogeWhaleAlert) Might 22, 2023

The supply tweet says that these withdrawals had been created from Robinhood to a high 20 pockets. Nevertheless, the tracker states that this unknown vacation spot tackle might belong to Robinhood as properly. There is no such thing as a certainty on this level but.

#Dogecoin circulating provide held by @RobinhoodApp was regular at 24% however has now dropped to 16%.

See sequence of tweets we despatched 2 days in the past… a number of huge txs shifting $doge from Robinhood to high 20 pockets.

It’s attainable that the receiving “high 20” pockets belongs to… https://t.co/A6pw7ZeiX0

— Ðogecoin Whale Alert (@DogeWhaleAlert) Might 25, 2023

Presently, Robinhood holds 22,641,958,530 Dogecoins evaluated at $1,598,454,346 USD. That is 16.23% of the DOGE provide circulating in the marketplace.