Massive DOGE Transaction Sparks Speculation

According to recent data published on the Whale Alert analytics X account (formerly Twitter), a large Dogecoin transaction has been spotted over the past 24 hours. Hundreds of millions of DOGE were deposited to a popular trading venue, while the meme coin's price showed a major slump. This transaction gained attention from the Dogecoin community, triggering a heated response in the comments.

245 Million Dogecoin On The Move

The cryptocurrency tracking platform revealed that approximately 12 hours ago, a mysterious unknown whale shoveled a staggering 245,000,000,000 DOGE to the renowned trading venue Robinhood. At the time this transaction was made, this amount of the original meme-themed coins was evaluated at $49,622,788.

DOGE Price Plunge

This enormous transaction coincided with a large DOGE price plunge; the popular meme coin plummeted by almost 8% over the past 24 hours. The drop has been slightly corrected with a 2.02% rebound. At the time of writing, the very first canine-themed crypto is changing hands at $0.2031 after losing the $0.2084 level yesterday.

Robinhood: The Largest DOGE Holder

In a recent tweet, a major Dogecoin contributor known as Mishaboar on X/Twitter revealed the biggest DOGE holder known so far. In his post, the DOGE army member accused former Binance boss Changpeng Zhao and crypto YouTubers of making unsubstantiated claims that 30% of all Dogecoin is being held by a cryptocurrency whale.

Debunking the "DOGE Whale" Myth

Mishaboar pointed out that any sophisticated cryptocurrency user would be able to identify this wallet as belonging not to an individual but as being a cold wallet of a crypto exchange. He stressed that many CEOs kept repeating the false thing about "the DOGE whale," spreading misleading information.

Robinhood's Role in DOGE Ownership

The user emphasized that the actual owner of that biggest Dogecoin holding was finally identified as Robinhood exchange, which held it on behalf of its users. Some speculations even pointed to DOGE's biggest fan, Elon Musk, as the "mysterious wealthy DOGE whale."

The Importance of Research

Mishaboar offered a crucial reminder of how important it is to conduct thorough research every time one deals with the crypto space, to avoid falling for misinformation and unfounded claims.