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Dogecoin is a popular meme coin that has inspired many other animal-themed cryptocurrencies. DOGE paved the path for the numerous cats and dogs that are flooding the meme coin realm. Meme coins were primarily developed as a joke, as their name suggests. However, over time, they have gained prominence as an important niche.
Robinhood has held a substantial amount of 24% of the Dogecoin circulating supply. However, according to the latest data from Dogecoin Whale Alert, DOGE holdings have dropped from 24% to 16%.
#Dogecoin circulating supply held by @RobinhoodApp was steady at 24% but has now dropped to 16%.
See series of tweets we sent 2 days ago… several massive txs moving $doge from Robinhood to top 20 wallet.
It is possible that the receiving “top 20” wallet belongs to… https://t.co/A6pw7ZeiX0
— Ðogecoin Whale Alert (@DogeWhaleAlert) May 25, 2023
Robinhood DOGE holdings drop to 16%
Dogecoin Whale Alert was the Twitter account to first share the drop. Earlier, the account also shared details of the movement of 5,700,000,000 DOGE, which happened in a fleet of over nine transfers.
Out of the group of transactions, eight of them were responsible for carrying a staggering amount of 680,000,000 DOGE each. Within this, one particular transaction stood out, involving the movement of 270,000,000 DOGE.
Data suggests that these withdrawals happened to a top-20 wallet. However, the exact details of the wallet’s ownership are unknown. Dogecoin Whale Alert suggested that it could belong to Robinhood.
As of now, Robinhood possesses a total of 22,641,958,530 Dogecoins. These have a value of approximately $1,598,454,346. This represents approximately 16.23% of the circulating supply of DOGE in the market.
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