Dogecoin Worth $7 Million Moved To Robinhood, Raises Suspicion

News has it that 350 million DOGE tokens, worth roughly $23.4 million (at the time of the transaction), arrived in Robinhood’s wallet account from an unidentified wallet. On October 16, Coinbase received 110 million DOGE tokens, valued at over $6.6 million, from an unidentified source.

Another set of 83.3 million units of DOGE, valued at $5.3 million, were also reported to have been transferred from the Robinhood platform to an unknown wallet address. Data from CoinMarketCap has disclosed that DOGE rose by 8.7% in the past 24 hours. The rise in the price of Dogecoin was followed by that of Shiba Inu, leaving SHIB traders to enter a riskier trading pattern.

Analysis by Alex Dovbnya, a cryptocurrency journalist and market watcher, says that the recent increase was made possible because of the news of a proposed integration of Dogecoin as one of X’s payment systems – which he once hinted. Elon Musk, the X CEO, has long expressed his fondness for Dodge cryptocurrency hence, has continued to fuel Dogecoin dominance in the cryptocurrency market.

Doubts, Confusion Thrills The Motive Behind The Huge Transfer

The favourable atmosphere surrounding the cryptocurrency is reflected in the 8.7% gain in Dogecoin’s price over the last day. The substantial transfer of DOGE tokens to Robinhood concurrent with this price spike has increased conjecture regarding the causes of this higher movement.

As of press time, the price of Dogecoin has increased by 1.26% to reach $0.06347 as of the time of writing. There have also been several speculations from the Dogecoin community that it will likely hit $1.00 anything soon. This is seen as a repeat of the August incident where the price of Dogecoin rose by up to 300%, raising high hopes of a potential $1.00 price target.

Analysis on CoinGape  today says that a strategic reason could be one for this transfer. It explained that traders and investors in cryptocurrencies frequently base their decisions on market patterns, possible trading opportunities, or particular trading tactics.

Robinhood traders  may purchase and sell a variety of cryptocurrencies as the rave for the dodgcoin persists. Dovbnya had suggested that there could be a number of effects from adding so many DOGE coins to the platform, such as an increase in trading activity and liquidity. He added that it gives Robinhood users more access to this specific cryptocurrency, strengthening DOGE’s standing in the industry.

Coinbase Witness Another Huge Transfer In October

Reports have it that 350 million units of Dogecoin, valued at $23.4 million, was moved from an unknown source to another an unknown address on Robinhood on October 25. Another source from U.Today says that the unknown source is Coinbase.

However, a sizable transfer of DOGE tokens was also received by Coinbase, one of the biggest cryptocurrency exchanges in the world, in the middle of October. Dodgcoin, as at press time, has a total trading volume of $1,042,923,732, a 102.80% increase in the last 24 hours.

The market capitalization had responded to the 5.23% increase in the price to reach $10,184,669,945, ranking #8 on the CoinMarketCap top performing cryptocurrency. Recent analysis, as published on the CoinGape platform has it that the owner of the 350 million DOGE tokens had a goal in mind while transferring them to Robinhood, but the full motivations behind the move are still unclear.