Category: Forex News

118.4 Million DOGE Sent to Robinhood, Community Makes Wildest Guess

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Renowned cryptocurrency tracking platform Whale Alert, which traces large crypto transactions and shares their details on the X social media app (formerly widely known as Twitter) has announced that more than 100 million Dogecoin has been deposited to a popular investment platform Robinhood.

On Friday, a slightly smaller amount of DOGE was moved to the same platform, according to the aforementioned tracker, which makes it approximately 200 million DOGE sent to Robinhood within the last two days.

200 million DOGE deposited to Robinhood, Elon Musk suspected

Tweets published by the tracker show two massive amounts of crypto that were transferred by anonymous digital wallet owners to the brokerage platform Robinhood within the last 48 hours — 118,402,438 DOGE evaluated at $19,752,398 and 86,000,000 DOGE worth $14,123,854. Thus, more than $33.8 million worth of the original meme cryptocurrency has been moved to Robinhood with a likely goal of selling those meme coins.

In the comment thread under the latest transfer users began to make guesses as to who could have initiated those transactions. Two X users named the biggest Dogecoin fan Elon Musk, rather jokingly assuming that it could be him who transferred those funds to the trading platform.

Elon Musk teases potential DOGE payments for Tesla

In a remarkable development, this week during his speech at the Tesla Giga Event in Berlin, centibillionaire and chief executive of Tesla (and owner of X) Elon Musk was asked if Tesla plans on rolling out DOGE payments for its electric automobiles.

Musk revealed that at some point in the future they are likely to do that. He again reminded the community that he believes DOGE to be people’s currency, since many average Tesla workers often ask Musk to support Dogecoin rather than BTC. Musk says that for him, this is sufficient evidence that he should provide public support to this meme cryptocurrency. Bitcoin, he said, is owned by rich people, while DOGE is still affordable to average workers.

That statement made by Musk triggered a big Dogecoin increase of almost 17%, which happened between Wednesday and Thursday. However, a major decline followed, as often happens when Musk pumps DOGE, and by now the meme coin’s price has dropped by 15%, trading at $0.1621.

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