One of the most popular tools for tracking crypto whales is Whale Alert, a website and a Twitter account that announces when any of the top 100 wallets make transactions. Recently, Whale Alert reported several large movements of Dogecoin (DOGE) and Shiba Inu (SHIB), two meme coins that have gained popularity among retail investors and celebrities.
According to Whale Alert, on June 14, 2023, a crypto whale moved 360 million DOGE worth $21 million from an unknown wallet to another unknown wallet. The transaction fee was only $0.01. On the same day, another crypto whale moved 1 trillion SHIB worth $7 million from an unknown wallet to another unknown wallet. The transaction fee was $4.73.
The retail trading behemoth Robinhood was involved in other significant Memecoin transactions:
- More than $6.2 million worth of DOGE valued 101,224,068 were transferred from Robinhood to an unidentified wallet.
- More than $12.6 million in DOGE worth 204,977,642 were moved from an unidentified wallet to Robinhood.
- Robinhood transferred 189,073,539 DOGE, or roughly $11.65 million, to an unidentified wallet.
Robinhood User Activity on the Rise on both Dogecoin and Shib
BitInfoCharts data shows that Robinhood’s wallet holds nearly $670 million worth of Dogecoin, making it the world’s second-largest DOGE address. This wallet contains 7.72% of the total circulating supply of the token as of now.
The largest wallet in the world at the time, Robinhood, sent Dogecoin valued at hundreds of millions of dollars to an unidentified address in early June. Uncertainty surrounds the receiving address’ connection to the industry titan of retail trade, which has become the richest Dogecoin wallet.
These massive transfers of DOGE and SHIB indicate that some crypto whales are either consolidating their positions or preparing to sell their holdings on exchanges. The movements could also trigger other investors to follow suit, creating a domino effect on the market prices of these meme coins.
The reasons behind these whale actions are unknown, but some possible factors could be profit-taking, portfolio rebalancing, market sentiment, or regulatory developments. Whatever the case may be, crypto whales are likely to continue to play a significant role in the cryptocurrency space, as they hold a large portion of the circulating supply of many coins and tokens.
