Mysterious New Whale Pulls 260,000,000 DOGE out of Robinhood

A whopping 260 million Dogecoin (DOGE) just left Robinhood, a major U.S.-based brokerage platform, as became known thanks to blockchain transaction data. The total value of the transfers was just over $57 million when they happened.

Most of the transfer — 210 million DOGE, about $46 million — went to an unlabeled wallet. A second transfer happened soon after, moving another 50 million DOGE to the same address.

In total, the final destination address currently holds around 420 million DOGE, making it one of the bigger wallets on the Dogecoin network, with a value close to a stunning $92 million.

Whale Alert, an automated tracking service, spotted the transactions, and public blockchain records presented by Arkham confirmed them. It is worth noting that the receiving wallet is not linked to any known exchange or custodial platform, and it has recently seen a steady increase in incoming Dogecoin.

However, no clear outflows left the address since the transfers were made. It is not clear if the movement was related to internal wallet restructuring, a third-party custody change or a high-value investor withdrawal.

Dogecoin, the original meme cryptocurrency, was trading at about $0.22 when the transfer happened. Even though the transactions were pretty big, the price stayed rather steady.

Major transfers from popular platforms like Robinhood tend to catch people’s attention, especially when the destination is a mystery. It is not clear who is running the show with the receiving address, but this transaction is part of a bigger trend of Dogecoin moving away from exchanges and into long-term storage.