118.4 Million DOGE Sent to Robinhood, Community Makes Wildest Guess

Whale Alert, a well-known cryptocurrency monitoring platform renowned for tracking significant crypto transactions, has disclosed that over a hundred million Dogecoin has been deposited into the popular investment platform Robinhood. The platform, formerly known as Twitter, has been a source of updates on large crypto movements.

In the past two days alone, Whale Alert has observed approximately 200 million DOGE transferred to Robinhood. This influx includes two substantial transactions: one amounting to 118,402,438 DOGE valued at $19,752,398, and another of 86,000,000 DOGE worth $14,123,854. The total value of Dogecoin moved to Robinhood surpasses $33.8 million, suggesting an intention to sell these meme coins.

Speculation has arisen among users regarding the origin of these transactions. Playfully, some users on X have suggested Elon Musk, a prominent figure known for his support of Dogecoin, as a potential initiator of these transfers.

In another development, during his address at the Tesla Giga Event in Berlin, Elon Musk, the CEO of Tesla and owner of X, hinted at the possibility of Tesla accepting DOGE payments for its electric vehicles in the future. Musk emphasized his belief in Dogecoin as "the people’s currency," noting that many Tesla employees advocate for Dogecoin over Bitcoin due to its affordability. This statement led to a notable 17% surge in Dogecoin's price between Wednesday and Thursday. However, the price subsequently dropped by 15%, illustrating the volatility often associated with Musk's endorsement of DOGE.