- Recently, 3 lumps of 100 million of Dogecoin (DOGEUSD) were moved by a large “whale” investor.
- Robinhood Markets (HOOD) is now the largest holder of Dogecoin, including in related digital wallets, almost 30% of value.
- Dogecoin has been making a major comeback, up over 31% from its recent trough price.
Dogecoin is on a run. It's making a comeback as this crypto has been rising recently. For example, as of Mar. 29, it was trading at 14.43 cents per DOGE token. This is up 31%-plus from its recent low of around 11 cents in mid-March.
However, let’s keep things in perspective. Year-to-date (YTD), DOGE crypto is still down quite a bit. It ended last year at 17.35 cents per DOGE token. That represents a decline YTD of over 15%.
But, given the inherent volatility in Dogecoin’s trading, it could be made up fairly easily once the cryptocurrency market starts to turn. That may be what one particular whale was thinking when they bought a ton of DOGE tokens recently.
Recent Events
On Mar. 25, a website called u.today reported that a crypto tracking service @DogeWhaleAlert has shared data on a massive 506.2 million Dogecoin purchase. At today’s price, that works out to more than $68.2 million.
The whale's purchase was done in Robinhood and involved moving three lumps of 100,000,000 Dogecoin each. It moved the amount of DOGE from one internal Robinhood address to another.
According to u.today, “each of those transfers was worth $13,679,600 and each was sent for a tiny fee of $1.37 (10 Dogecoins).”
In addition, u.today also reported that Robinhood now controls $4.9 billion worth of Dogecoin. The brokerage firm holds Dogecoin in its own wallet and other internal wallets on behalf of clients.
This $4.9 billion in Dogecoin at Robinhood represents 25.5% of the total value of Dogecoin. Its value is estimated at $19.18 billion by Coinmarket.com. As a result, Robinhood is seen as a key marketplace for Doge crypto.
Millennials like to trade on Robinhood. They will continue to control the fate of the crypto. They are the key buyers of stocks and cryptos on the Robinhood platform.
Other Developments
Recently, Dogecoin has become increasingly accepted as a means of payment in a number of online and retail merchants. Indeed, Dogecoin is slowly gaining more acceptance as a viable payment and transfer crypto.
For one, Tesla (TSLA) will soon accept Dogecoin for certain items in its online store. The company even has an instruction page on its site on how to proceed with Dogecoin crypto payments.
In addition, AMC Entertainment (AMC) will soon start accepting Dogecoin on its website and mobile app. Other major retailers accepting Dogecoin are listed on SoFi Learn.
And recently, Dogecoin received a boost when Bitcoin of America added support for Dogecoin in their ATMs. The company is registered as a money services business with the United States Department of Treasury. It has over 1,800 ATMs across 31 states. The machines presently allow transactions in Bitcoin (BTCUSD), Litecoin (LTCUSD), and Ethereum (ETHUSD). The press release said that it had now recognized the popularity of DOGE tokens and decided it was time to include Dogecoin in its ATMs.
This adds to the growing recognition that Dogecoin, the 12th largest cryptocurrency, is actually more popular as a means of payment than many realize.
What To Do With Dogecoin
It is inevitable that once the crypto market returns, Dogecoin will likely be riding that wave quite well. This is the same judgment that led Bitcoin of America to begin offering DOGE crypto after they decided to offer Ethereum. They could have gone with a number of other equally popular cryptos.
Given its volatility, Dogecoin might be able to fairly quickly make up the lost ground to where it was at the end of last year. That will hasten if the global concerns relating to the Russian invasion of Ukraine ease.
For investors interested in crypto markets, now might be a particularly good time to make an investment in Dogecoin. It is still near its lows for the year. And it is slowly gaining acceptance and popularity.
/Microsoft%20Corporation%20logo%20on%20phone-by%20rafapress%20via%20Shuterstock.jpg)