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Popular commission-free trading platform Robinhood has, according to data from the blockchain, moved around 8% of the supply of the meme-inspired cryptocurrency Dogecoin ($DOGE) to a new mysterious wallet.
The development means that the supply of DOGE Robinhood held in its wallets, which was once holding steady at around 24%, has plunged to 16% following considerable transactions involving a new wallet that’s now in the “top 20” as well.
According to DOGE whale monitoring service Dogecoin Whale Alert, the wallet’s movements were shared on the microblogging platform Twitter as they were occurring, with several massive transactions moving the funds to the receiving wallet.
#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 $doge from Robinhood to top 20 wallet.
It is possible that the receiving “top 20” wallet belongs to… https://t.co/A6pw7ZeiX0
— Ðogecoin Whale Alert (@DogeWhaleAlert) May 25, 2023
Whether the new wallet also belongs to the commission-free trading platform isn’t clear. The possibility that Robinhood may be transferring the Dogecoin to another wallet under its control could indicate a restructuring of its holdings for reasons currently unknown.
Dogecoin, known for its playful Shiba Inu logo, has been a subject of fascination among cryptocurrency enthusiasts since its inception in 2013. While its value has fluctuated wildly over the years, it has recently gained more serious attention from investors and major companies, including Robinhood.
Robinhood’s substantial holdings of Dogecoin had long been a topic of interest in the crypto community, which initially did not know that the meme-inspired cryptocurrency’s largest wallet belonged to the exchange.
As CryptoGlobe reported, DOGE has seen its daily transaction volume surge to a new all-time high, to the point that it surpassed the transaction volumes of the largest digital currency by market capitalization, Bitcoin ($BTC), and that of a cryptocurrency often seen as the silver to Bitcoin’s gold, Litecoin ($LTC).
According to data shared by Dogecoin enthusiast Mishaboar on the microblogging platform Twitter, Dogecoin’s transaction volume surged to a new all-time high as users have been looking to mint DRC20 tokens on top of the network.
Earlier this month a mysterious DOGE whale transferred over 13 million tokens of the meme-inspired cryptocurrency in a series of transactions that came shortly after Tesla and Space X CEO Elon Musk announced his intention to install a new CEO for the microblogging platform Twitter.
The DOGE whale moved the 13 million tokens, worth over $927,000 at the time of the transaction, from different multiple wallets to a newly created wallet, in a series of transactions that cost them just 3.63 DOGE in fees, equivalent to $0.26 at the time of the transaction.
Notable movements have been occurring on the Dogecoin blockchain over the last few weeks. As CryptoGlobe reported, an inactive DOGE address with 1.5 million tokens has recently reemerged after remaining dormant for 9.3 years.
As reported, tens of billions of tokens of the meme-inspired cryptocurrency are now being held by long-term investors, as entities that have been HODLing onto the cryptocurrency for over a year now have 44.8 billion tokens, worth over $3.7 billion.
Featured Image via Unsplash
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