Dogecoin Whale Moved 230 Mln DOGE Tokens To Robinhood, Has Price Topped?

Dogecoin (DOGE) whales can’t seem to sit still. Several high-net-worth investors holding millions of dollars worth of DOGE moved their holdings in the last seven days, prompting speculation about the crypto’s outlook in the near term.

A large Dogecoin whale investor sent 230 million DOGE — worth more than 21.6 million at current prices — from an unidentified wallet to crypto trading platform Robinhood on Wednesday, potentially to lock in on profits from earlier purchases. The transaction was flagged by blockchain tracker Whale Alert.

Whales are investors who hoard huge amounts of digital assets. Whale behavior is often under the radar of crypto watchers, as their crypto purchases can shake the markets. An influx into exchanges signals the investor intends to sell the asset, although it’s difficult to tell what happens with tokens once it’s been shifted to exchanges just by looking at blockchain data.

Whale Moves Dogecoin Worth $26 Mln Despite Price Rally

In this case, on-chain data revealed that 230 million DOGE tokens were transferred from the private address “DDu…wKF” to a Robinhood-linked address “DHQ…3oU”. As of writing, the Dogecoin whale in question held more than 2.8 billion tokens, worth over $26 million at current prices.

The moves of this whale are particularly noteworthy as whoever owns the wallet seems to have nailed the timing. DOGE has been in the green territory since last month, having risen more than 2% in the last seven days and a staggering 20.71% in the past 30 days.

What’s Next For DOGE?

On Tuesday, CoinGape reported Dogecoin whales had moved roughly 438 million DOGE tokens amid a decline in the meme coin’s prices, with the market capitalization of DOGE sliding by 0.27% to $13.10 billion. At press time, the DOGE price stood at $0.093, up 1.9% in the last 24 hours.

However, the recent whale transactions indicate that at least some investors who bought the meme coin at lower prices are looking to book profits. Only time will tell where DOGE heads from here.