Recent updates provided by Whale Alert, a widely recognized blockchain tracking service, revealed that a substantial amount of 90 million DOGE tokens, valued at around $14.2 million, exited Robinhood roughly eight hours ago.

The popular meme cryptocurrency witnessed a minor 3% decline earlier today but managed to recover some of the losses.

Robinhood, a prominent commission-free investment platform, incorporated support for Dogecoin into its services back in 2018.

During the early months of 2021, Robinhood played a crucial role in the remarkable surge of Dogecoin, primarily because of its dominance in retail trading within the United States.

As per the latest quarterly update, Robinhood users collectively hold Dogecoin assets worth $7.4 billion, surpassing the valuation of Ethereum at $5.6 billion. Bitcoin remains the top-held asset among Robinhood users, valued at $10.4 billion.

Active Involvement of Dogecoin Whales

Furthermore, data from Santiment indicated that Dogecoin whales acquired a notable sum of 700 million DOGE tokens, equivalent to around $112 million, in the last 24 hours.

Despite this substantial buying activity, the price performance of Dogecoin has been relatively unexciting.

Renowned cryptocurrency trader Kaleo predicted a consolidation phase for the leading meme coin within its existing price range before witnessing a significant upward movement.

Kaleo's belief in Dogecoin's potential growth during the meme supercycle was evident in his recent statement.

Despite an 83% increase in 2024, Dogecoin remains significantly lower by 72% from its historic peak.