The cryptocurrency community is abuzz with speculation following a staggering 118.4 million Dogecoin (CRYPTO: DOGE) transfer to the investment platform Robinhood.
This transaction, reported by the Whale Alert on X on Friday, is part of a larger movement totaling approximately 200 million DOGE to Robinhood over the past two days.
118,402,438 #DOGE (19,752,398 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/uxITCxNcR8
— Whale Alert (@whale_alert) March 15, 2024
The massive influx of DOGE to Robinhood, valued at over $33.8 million, has sparked a flurry of guesses among social media users regarding the sender's identity.
Some X community members humorously suggested that Elon Musk, a well-known Dogecoin enthusiast, could be behind these transactions.
Elon
— The Crypto Monster (@MonstersCoins) March 15, 2024
Last week, Musk hinted during his speech at the Tesla Giga Event in Berlin that Tesla might accept DOGE payments in the future.
Also Read: Forget Dogecoin And Shiba Inu — This Meme Coin Has Surged Nearly 70% In Just 24 Hours
Musk reiterated his support for Dogecoin, labeling it the "people's currency" and contrasting it with Bitcoin.
This announcement led to a significant surge in Dogecoin's value, with an almost 17% increase between Wednesday and Thursday, although it was followed by a 15% decrease, bringing the price down to $0.1621.
The speculation surrounding these large Dogecoin transactions and Musk's comments highlight the ongoing interest and volatility in the cryptocurrency market, particularly with meme coins like DOGE.
Meanwhile, recent data from IntoTheBlock highlighted a 39.78% increase in large transaction volumes for SHIB, totaling 14.36 trillion SHIB in just one day.
This spike in activity indicates a heightened interest from major investors, often seen as a bullish signal in the crypto space.
Amidst these market movements, the Shiba Inu ecosystem is buzzing with anticipation over upcoming updates. Developer Kaal Dhairya recently unveiled new features for the Shibarium blockchain explorer "Shibariumscan," aimed at enhancing usability and providing deeper insights for developers and users alike.
At the time of writing, Dogecoin was trading at $0.1525, down by 10 percent in the last seven days.
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