Dogecoin Price Surges as Large Transfers Hit Robinhood

March 27, 2024 Umegbolu Medlyn Chinelo Cryptocurrency News, Stock Market 0

Close-Up Shot of a Coin

In the last week, the value of Dogecoin (DOGE) has gone up by 43% and it has reached a new high. Such a surge occurs concurrently with a movement involving more than 2 billion DOGE, which is carried out by the popular investment platform Robinhood.

Anonymously, whales, the big crypto-currency holders, have been moving billions of DOGE in and out of Robinhood. 

These transfers comprise both withdrawals and deposits, with the largest single transaction amount being about 250 million DOGE.

This activity comes after DOGE’s market cap has soared, making it eighth in the list of the largest cryptocurrencies by market cap, dethroning Cardano (ADA). The rising price and superiority of DOGE have made the community doubt whether it is a bubble or not.

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Elon Musk’s X platform, which has recently acquired several payment processing licenses in the US, has also fueled such speculations. 

The DOGE lovers are expecting Musk to incorporate DOGE payments into X, which was announced earlier that DOGE would be used for micro-payments.

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Umegbolu Medlyn Chinelo
About Umegbolu Medlyn Chinelo 79 Articles
Umegbolu Medlyn Chinelo transitioned from science to writing. She has over 3 years of experience and has written on various niches. She writes for PanAsiaBiz crafting cricket previews and crypto news. Medlyn thrives on challenges and enjoys learning. In her free time, she relaxes with movies and cooking.