Robinhood has moved around 8% of its Dogecoin supply to a new wallet. The move has led to speculation that Robinhood may be planning to sell its Dogecoin holdings, or that it is simply consolidating its assets.
Robinhood is one of the largest holders of Dogecoin, with around 24% of the total supply. The company’s move to move its Dogecoin to a new wallet has caused the price of the cryptocurrency to fall by around 5%.
It is unclear why Robinhood has moved its Dogecoin to a new wallet. Some analysts believe that the company may be planning to sell its holdings, while others believe that it is simply consolidating its assets.
Robinhood has not commented on the move.
The move by Robinhood comes at a time when the cryptocurrency market is facing a sell-off. Bitcoin, the world’s largest cryptocurrency, has fallen by around 20% in the past week.
The sell-off in the cryptocurrency market is being driven by a number of factors, including rising interest rates and concerns about inflation.
It remains to be seen what impact Robinhood’s move will have on the price of Dogecoin. However, the move has certainly caused a stir in the cryptocurrency community.