Dogecoin And Shiba Inu Whales Withdraw Millions From Robinhood – What’s Going On?

Crypto whale transaction tracker Whale Alerts recently revealed an interesting on-chain transaction involving popular meme coins Shiba Inu and Dogecoin alongside the well-known crypto exchange Robinhood. This transaction, which took place within the past 24 hours, involved the movement of 800 million DOGE and 2.7 trillion SHIB tokens, respectively, from the exchange into unknown wallets. […]

Jul 21, 2024 - 21:00

Dogecoin And Shiba Inu Whales Withdraw Millions From Robinhood – What’s Going On?

Crypto whale transaction tracker Whale Alerts recently revealed an interesting on-chain transaction involving popular meme coins Shiba Inu and Dogecoin alongside the well-known crypto exchange Robinhood.

This transaction, which took place within the past 24 hours, involved the movement of 800 million DOGE and 2.7 trillion SHIB tokens, respectively, from the exchange into unknown wallets. As expected, the huge nature of these transfers has piqued interest, prompting further analysis of on-chain data to ascertain the motive behind them.

Analyzing The Transactions

Analyzing the DOGE transaction first, the notable transactions involved the transfer of 800 million DOGE tokens from Robinhood into an unknown wallet “DEgDVF.” This transfer was executed in two separate transactions, each comprising 400 million DOGE tokens.

At the time of these transactions, each transfer was valued at approximately $50.27 million, making the total value of the transferred DOGE tokens roughly $100.54 million. At the time of writing, address “DEgDVF” holds 31 billion DOGE tokens worth $4.17 billion, making it one of the largest DOGE holders.