90 Million DOGE Tokens Exit Robinhood Amid 3% Price Dip

In a recent update from Whale Alert, a renowned blockchain tracker, it was revealed that 90 million DOGE tokens, amounting to approximately $14.2 million at current rates, departed from Robinhood eight hours ago.

The primary meme cryptocurrency experienced a 3% decline earlier today before managing to recover some of its losses.

Robinhood, a well-known commission-free investment platform, integrated support for Dogecoin back in 2018.

During the early months of 2021, Robinhood played a significant role in the extraordinary surge of Dogecoin, mainly due to its dominance in retail trading activity within the United States.

According to the platform's Q1 update, its users collectively hold $7.4 billion worth of Dogecoin, surpassing the holdings of Ethereum ($5.6 billion). However, Bitcoin remains the most substantial holding among Robinhood users, with a value of $10.4 billion.

Whale Accumulation of Dogecoin

Meanwhile, data from Santiment reveals that Dogecoin whales have acquired 700 million DOGE tokens, equivalent to around $112 million, over the past 24 hours.

Despite this significant buying activity, Dogecoin's price performance has been somewhat lackluster.

Renowned cryptocurrency trader Kaleo recently forecasted that the prominent meme coin might continue consolidating within its current range before witnessing a substantial upward surge.

Kaleo added, "If you doubt that the king of memes will eventually rally during the meme supercycle, you're mistaken."

Despite a rally in 2024, Dogecoin still remains down by a staggering 72% from its all-time high.

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