Robinhood’s Dogecoin holdings have fallen from the steady supply of 24% to 16% after data tracking platform DogeWhaleAlert spotted massive withdrawals of DOGE.
According to the site, 5,700,000,000 DOGE tokens were shifted from Robinhood in total in a series of nine significant transfers in the past 2 days. Eight of them carried 680,000,000 DOGE each. One of those transactions moved 270,000,000 DOGE.
These tokens were moved from Robinhood to the top 20 wallets. However, it’s not clear if the receiving “top 20” wallet belongs to the exchange, the source tweet noted.
Before the mysterious transfers, Robinhood’s wallets had 33,562,118,525 DOGE worth of Doge on behalf of its clients. This was equivalent to $2,642,446,278 and accounted for 24.11% of the total Dogecoin supply then.
Robinhood now has 22,641,958,530 Dogecoins valued at $1.6 billion, making up 16.23% of the market’s available supply of DOGE.
Prior to this, the DogeWhaleAlert reported that Robinhood clients continue to hold on to their DOGE tightly and are not selling despite the recent unexpected success of a new meme coin PEPE.
The latest move has therefore raised eyebrows given that Robinhood’s DOGE stash survived the meme coin frenzy.
The trading platform recently released its Q1 revenue, showing that it generated $38 million from cryptocurrency trading, down from $54 million in the same quarter last year.
In addition, Robinhood disclosed that it holds around $11.5 billion in bitcoin assets, a 36% increase from the previous quarter and an indication of the early 2023 recovery of the cryptocurrency market.
Dogecoin’s New Milestone; Community’s Mixed Reaction
That being said, DOGE transactions reached an all-time high of almost 630k, thanks to the rise in demand for DRC20 tokens, a new wave of digital assets, which are being minted on the Dogecoin network.
The DOGE community’s response was divided, with some arguing that new tokens are merely attempts to cram them into the Dogecoin network.
Others view the surge in a positive light saying that the tokens provide a good opportunity for stress testing the network.
“Everyone should probably focus on the transactional currency use case. At least it’s a good test of the network’s ability to scale.”