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Robinhood’s Dogecoin holdings have fallen from the steady supply of 24% to 16% after data tracking platform DogeWhaleAlert spotted massive withdrawals of DOGE. According to Dogecoin Whale Alert, the current total combined amount of DOGE held by Robinhood on behalf of its investors is a staggering 33,562,118,437, equivalent to 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 The development means that the supply of DOGE Robinhood held in its wallets, which was once holding steady at around 24%, has plunged to 16% following Popular commission-free trading platform Robinhood has, according to data from the blockchain, moved around 8% of the supply of the meme-inspired cryptocurrency A colossal sell-off to Robinhood shakes up Dogecoin’s price as DOGE trading volumes fall steeply on Derivatives and Spot crypto markets. 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

Dogecoin Holdings on Robinhood Plunge to New Low: Only 16% of Circulating Supply

A significant shift is underway in the Dogecoin landscape as Robinhood's Dogecoin holdings have plummeted to a new low. 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, data indicates a dramatic change. Robinhood’s Dogecoin holdings have fallen from the steady supply of 24% to 16% after data tracking platform DogeWhaleAlert spotted massive withdrawals of DOGE.

According to Dogecoin Whale Alert, the current total combined amount of DOGE held by Robinhood on behalf of its investors is a staggering 33,562,118,437, equivalent to 16% of the total circulating supply. This marks a significant departure from previous levels.

What's Behind the Dogecoin Exodus from Robinhood?

Popular commission-free trading platform Robinhood has, according to data from the blockchain, moved around 8% of the supply of the meme-inspired cryptocurrency. The development means that the supply of DOGE Robinhood held in its wallets, which was once holding steady at around 24%, has plunged to 16%. This has sparked considerable discussion within the crypto community.

The reasons for this dramatic decrease are currently being speculated upon. Some analysts suggest a shift in investor sentiment, with users potentially moving their Dogecoin to personal wallets for greater control and security. Others point towards a possible correlation with recent market volatility.

Impact on Dogecoin Price

A colossal sell-off to Robinhood shakes up Dogecoin’s price as DOGE trading volumes fall steeply on Derivatives and Spot crypto markets. 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 underscores the potential impact of large-scale movements of Dogecoin on its market value.

While the market has shown some resilience, the reduced holdings on Robinhood may continue to influence Dogecoin's price and trading patterns in the coming weeks. Investors are advised to closely monitor market trends and exercise caution.

Stay tuned for further updates as we continue to track the evolving situation surrounding Dogecoin and Robinhood.

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