For quite a long time, the amount of Dogecoins stored by popular brokerage Robinhood has held steady at 24% of the circulating supply of the meme coin. However, earlier today, @DogeWhaleAlert reported that for the first time, it has dropped from 24% to 16%. The Dogecoin tracking account has cited a possible reason for this decline.
Massive withdrawals of DOGE
According to @DogeWhaleAlert, two days ago 5,700,000,000 DOGE were withdrawn from Robinhood in total in a series of nine massive transfers. Eight of them carried 680,000,000 DOGE each. One of those transactions moved 270,000,000 DOGE.
The source tweet says that these withdrawals were made from Robinhood to a top 20 wallet. However, the tracker states that this unknown destination address may belong to Robinhood as well. There is no certainty on this point yet.
Currently, Robinhood holds 22,641,958,530 Dogecoins evaluated at $1,598,454,346 USD. This is 16.23% of the DOGE supply circulating on the market.