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Robinhood Exchange Platform Holds More Than 31% Of DOGE

The Robinhood cryptocurrency exchange platform is among the most popular trading platforms in the cryptocurrency industry, and it has its fair share of controversy arising from complaints about users’ privacy.

Despite the usual complaints from users, the platform offers exceptional services, making it one of the most sought-after digital currency exchange platforms used by traders and investors alike.

A recent report revealed that Robinhood is holding almost a quarter of the world’s Dogecoin supply, with some reports claiming that the platform controls up to 32% of Dogecoin’s circulation.

However, another report revealed that anonymous whales transferred more than 800 million Dogecoins into the Robinhood wallet during that period.

DOGE Worth Over $5 Billion Held By Robinhood

Robinhood has announced that its platform holds a share of about 32% of the original meme cryptocurrency, with more than 30% in circulation. The data presented by the leading crypto exchange platform shows that a total of 42,436 664 891 DOGE, estimated to be approximately $5.39 billion, has been in possession of Robinhood.

The important thing here is that the platform does not directly own the tokens; it stores them on its customers’ behalf. The reason behind the holdings, according to experts, is that a crypto wallet was launched by the platform, which before this was not among the services provided by the platform.

As a result, users on the Robinhood platform can now perform transactions involving cryptos and even send some tokens to other addresses. The rather surprising thing is that the platform stores DOGE tokens in two separate wallets and uses eight unnamed addresses.

Dogecoins Moved By Unknown Whales

DogeWhaleAlert, a crypto tracking firm related to Dogecoin, has reported how an unknown wallet transferred millions of coins, estimated to be more than 810 million. The same report also revealed how the same anonymous whales initiated three huge transactions involving DOGE a couple of days ago.

The three different transactions saw the movement of 800 million tokens and above, with one of the transfers containing 400,781,942. The other two combined transfers contain about 205 million coins; the total value of the transactions is approximately $25 million.

After the movement of the coins to multiple addresses in an anonymous wallet, the transaction fee for each is 12.92 DOGE. As the assets continue to move to other destinations, the fee charged is a paltry 2.04 DOGE, equivalent to cents.

Dogecoin has previously been among the largest cryptocurrencies in the portfolios of whales, which usually show up to trade with sellers whenever there is a price correction in the market. A greater number of the whales are hodlers of different crypto, which they equally purchase at times of price dip.

Dogecoin has experienced remarkable growth following its creation, with a handful of businesses now adopting it as a means of payment for their services or products.

Recently, Elon Musk has hinted that both of his companies, Starlinks and SpaceX, will start accepting payment in DOGE in the future.

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