31% of DOGE Currently Held by Robinhood Exchange

The Robinhood digital assets trading exchange stands as one of the controversy-inducing exchange platforms in the digital assets world as a result of lingering privacy debates. But after the kind of services offered on the platform, many traders and investors still opt for using the controversial platform.

It has of late been reported that the company has a holding of nearly a third of all Dogecoin issues. Other reports claim further that Robinhood has ownership of about 32% of all DOGE in the market. At the same time, unknown whales have carried out a transfer of 810 million Dogecoins.

Robinhood is with More Than $5 Billion in DOGE

The Robinhood platform had previously announced that the share of Dogecoin on the company’s platform sums up to nearly 32% of what is available in global circulation. According to the report, it has been noted that the company presently holds a huge 42,436,664,891 Dogecoin, which is estimated to be worth over $5.39 billion.  

We shouldn’t be oblivious, however, that the exchange platform is holding the DOGE in its possession on behalf of its thousands of clients. As stated by experts, the Robinhood platform came to have so much Dogecoin as a result of its launch of a cryptocurrency wallet. The platform users can now make withdrawals of cryptocurrencies, and they can as well send it to third parties and their addresses.

Importantly, it has been revealed that the stock and crypto management and trading platform secures DOGE in two wallets while making use of eight addresses.

Anonymous Whales Shift DOGE

After the news about Robinhood broke out, there were corroborating reports from DogeWhaleAlert that there has been a transfer of over 810 million Dogecoins from an anonymous wallet. As reported by the news, there had been two massive transfers from the same unidentified whale two days prior.

It stated further that the whale had moved over 800 million coins in three tranches of transactions. One of the transactions is said to have carried up to 400,781,942 coins, and the two other transactions carried around 205 million coins that have been said to be worth over $25 million.

After Dogecoin got shifted by the coins from various addresses to an anonymous address for the first time, the total cost of the transaction was 12.92 coins. As the funds got moved subsequently to another unknown address, the transaction charges were only a minute 2.04 DOGE, worth probably a few cents.