The cryptocurrency community is abuzz with speculation after a substantial transfer of 118.4 million Dogecoin (CRYPTO: DOGE) to the investment platform Robinhood. According to reports by the Whale Alert on X, this transaction is part of a larger movement totaling approximately 200 million DOGE to Robinhood over the past two days.
The massive influx of DOGE to Robinhood, valued at over $33.8 million, has ignited a flurry of guesses among social media users regarding the sender’s identity. Some members of the community humorously suggested that Elon Musk, a prominent Dogecoin enthusiast, could be behind these transactions.
Last week, Musk hinted during his speech at the Tesla Giga Event in Berlin that Tesla might consider accepting DOGE payments in the future. This statement reaffirmed his support for Dogecoin, which he labeled the “people’s currency,” in contrast to Bitcoin.
Following Musk’s announcement, Dogecoin experienced a significant surge in value, with an almost 17% increase between Wednesday and Thursday. However, this surge was followed by a 15% decrease, bringing the price down to $0.1621.
The speculation surrounding these large Dogecoin transactions and Musk’s comments underscores the ongoing interest and volatility in the cryptocurrency market, particularly with meme coins like DOGE.
Meanwhile, recent data from IntoTheBlock revealed a 39.78% increase in large transaction volumes for SHIB, totaling 14.36 trillion SHIB in just one day. This spike in activity suggests heightened interest from major investors, often viewed as a bullish signal in the crypto space.
In other developments, the Shiba Inu ecosystem anticipates upcoming updates, with developer Kaal Dhairya unveiling new features for the Shibarium blockchain explorer “Shibariumscan.” These features aim to enhance usability and provide deeper insights for developers and users alike.
