DOGE price plummets after huge transfer to Robinhood

Recently, an eye-catching transaction of 245 million Dogecoin (DOGE) stirred  in the cryptocurrency community, with the asset being sent to the Robinhood platform for trading. Along with this huge movement of the meme-themed virtual currency with the crypto, we witness a significant decline in its coin value that results in a great number of investors checking their crypto-wallets nervously.

Large DOGE transfer to Robinhood

Over the last 24 hours, Whale Alert, a widely followed cryptocurrency transaction website, reported a total transfer of 245 million Dogecoins to the trading platform Robinhood which is well known in the cryptocurrency world. It was endowed by a shady party, and $50 million was purchased at the time of the transaction.

It was extremely momentous for the value of DOGE to decrease sharply when the total amount that was withdrawn turned out to be that significant. Towards the end of the day, Dogecoin suddenly dropped by almost 8 percent of its previous price. 

This 2.02% percent has also made a rebound, but the large drop once shook the confidence of the majority of investors and believers.

Speculation surrounds 245M DOGE transfer to Robinhood

The 245 million DOGE Robinhood has just received, including some in circulation, has ignited both speculation and concern among Dogecoin enthusiasts. When the crypto coin’s price suddenly plummeted, the controversy about the identity of the person behind the multi-million dollar purchases arose as well. 

While one has emerged with the confirmation of ‘Mishaboar’, the alleged “whale of DOGE” is none other than the ‘Robinhood’ exchange which is the custodian of cryptocurrencies.