Dogecoin Rises 4.45% Amidst Anonymous 120 Million DOGE Transfer To Robinhood

A transfer of 120 million Dogecoin (CRYPTO: DOGE) to the trading platform Robinhood has coincided with a 4.45% surge in the price of the meme cryptocurrency.

What Happened: Whale Alert's blockchain data shows a significant amount of Dogecoin was moved to Robinhood, triggering a near 5% price increase for DOGE.

The transfer, which occurred over 10 hours ago, involved 120 million DOGE, worth roughly $18.5 million at the time.

120,000,000 #DOGE (18,555,179 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/xojf8e81oe

— Whale Alert (@whale_alert) May 17, 2024

The wallet involved in the transfer has been active, with outflows of 48.3 million, 150 million, 118.3 million, and 190 million DOGE in the past day, including the 120 million transfer.

This amounts to a total of 506.4 million Dogecoin, valued at about $71.1 million.

Also Read: Crypto Analyst Predicts This Altcoin Will Explode 260% In 2024, And It's Not Dogecoin Or Shiba Inu

Interestingly, this wallet also received two large DOGE transfers on May 16 and 17, totaling 306.4 million coins valued at $47.5 million. Following a week-long pause, the last transaction was on May 9.

The unidentified cryptocurrency whale currently holds 1.6 billion DOGE, equivalent to $248.6 million.

Following the mysterious transfer, Dogecoin's price saw a significant increase, rising by 4.45% to $0.15676. A slight rebound followed, with DOGE now trading at approximately $0.1525.

Why It Matters: This isn't the first time large DOGE transfers have impacted the coin's price.

In March, a massive influx of 118.4 million DOGE to Robinhood sparked speculation and a price increase.

Similarly, in April, a transfer of 200 million DOGE from Robinhood to an unknown wallet fueled a surge in Dogecoin's value.

These events highlight the influence of large transfers on the meme coin's market dynamics.

Now Read: Dogecoin Soars As Elon Musk's X Payments Gains Ground, Enthusiasts Rally With $800M Boost

This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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