Research has revealed that 90 million DOGE tokens, valued at approximately $14.2 million, have left the popular investment app Robinhood. This exodus occurred just eight hours ago, according to Whale Alert, a renowned blockchain tracker. The leading meme cryptocurrency, Dogecoin, experienced a 3% price drop earlier in the day but has since partially recovered.

Robinhood, a commission-free investment platform, has been a significant player in Dogecoin's success since adding support for the cryptocurrency in 2018. In fact, during Dogecoin's meteoric rise in early 2021, Robinhood played a pivotal role in the meme coin's growth, with the platform dominating retail activity in the US. According to Robinhood's Q1 update, its users hold a staggering $7.4 billion worth of Dogecoin, surpassing Ethereum holdings and second only to Bitcoin.

Despite the recent price drop, Dogecoin whales have been actively accumulating the cryptocurrency. Santiment data reveals that whales have purchased an impressive 700 million DOGE tokens, valued at approximately $112 million, over the past 24 hours. This significant buying pressure has yet to translate into a substantial price increase, leaving many to wonder what the future holds for Dogecoin.

Popular cryptocurrency trader Kaleo has predicted that Dogecoin will spend more time in its current range before eventually surging higher. "If you don't think the king of memes eventually sends during the meme supercycle, you're crazy," the trader boldly stated. Despite rallying 83% in 2024, Dogecoin remains a whopping 72% below its record high.

As the cryptocurrency market continues to evolve, the sudden departure of 90 million DOGE tokens from Robinhood and the significant accumulation by whales have left many wondering what the future holds for Dogecoin. Will the meme coin eventually surge higher, or will it continue to fluctuate in its current range?