Whale Alert, a platform that tracks cryptocurrency transactions, recently reported that 97 million Dogecoin (DOGE) worth $7.2 million was transferred from the Robinhood exchange to an unknown wallet.
In the past month, there have been significant transfers of DOGE between different wallets and exchanges, which has caught people’s attention due to the popularity of this meme coin.
On October 25, a large amount of 350 million DOGE valued at $23.4 million was sent from an unidentified wallet to Robinhood.
A few days earlier, on October 23, 83.3 million DOGE worth $5.3 million were moved from Robinhood to another undisclosed address.
This is not an isolated occurrence. On October 16, another 110 million DOGE worth $6.6 million were transferred from an unknown source to Coinbase.
These transactions indicate active trading and potentially strategic accumulation or distribution by certain entities.
The price of Dogecoin has increased by 8.7% in the last 24 hours. This rise, along with the surge in Shiba Inu (another meme coin), suggests that crypto traders are taking more risks, especially considering Bitcoin’s recent strong performance.
There have been speculations about a certain platform potentially adding DOGE as a payment option, as its CEO Elon Musk has shown interest in this meme cryptocurrency in the past. However, it is uncertain whether such additions will actually happen.
Despite these gains, it is worth noting that both DOGE and Shiba Inu have not performed as well as other major cryptocurrencies in the past month.