The trading volume of Dogecoin, the original meme cryptocurrency, increased by almost 20% over the past day, while at the same time, two anonymous wallets exchanged staggering sums of Dogecoin, amounting to several billion DOGE. After it was revealed over the weekend that the Robinhood trading app had expanded its DOGE stockpile by around 11%, these enormous funds were transferred.
Whale Alert, a well-known blockchain site that monitors significant cryptocurrency transfers, has discovered two enormous transactions that each carried two billion DOGE, 1,958,943,330 and 2,076,945,575 meme coins.
These were the corresponding amounts in US dollars of $126,443,671 and $134,060,347, respectively. The transfers were carried out through wallets identified by Whale Alert as anonymous about 14 hours ago, according to the aforementioned source. The quantity of the transactions, however, may give away the fact that they could be crypto exchanges reorganizing their crypto holdings.
Popular platform Robinhood, which lets users trade equities and cryptocurrencies and keeps cryptocurrency on behalf of users, saw an increase in DOGE holdings over the weekend. The information made public on Friday shows that Robinhood’s wallets have 38,317,905,469 DOGE. This enormous chunk of meme cryptocurrency was valued at $2,579,369,807.
The same source’s wallet tracker, @DogeWhaleAlert, reports that Robinhood held $1 billion less DOGE a month ago than it does now. Overall, Robinhood’s DOGE holdings increased from the 16.23% reported on May 25 to 27.39% today.
Dogecoin Price Hikes Evidently
According to an hourly chart on TradingView (Binance exchange), DOGE showed a rise of 2.44% today and is currently trading at $0.0651. DOGE briefly fell below the $0.0650 mark yesterday for the first time in the previous five days, but it swiftly rose back above it.
According to information given by CoinMarketCap, the trading volume of DOGE increased by around 20% in the last day, reaching $246 million. However, at the time of writing, Dogecoin was priced at $0.06537 with a significant hike of 0.81% over the last 24 hours.