According to a recent Twitter post by Ðogecoin Whale Alert, the current total combined amount of Dogecoin (DOGE) held by the Robinhood wallet on behalf of its investors is 33,562,118,427 DOGE tokens, equivalent to $2,545,216,813 based on the current exchange rate. This amount represents 24.19% of the circulating supply of Dogecoin.
In the past 24 hours, there has been an increase in whale activity on the Dogecoin network. A tracker reported that several major transactions have occurred, with two moving 35,000,000 DOGE and 72,156,894 DOGE, which are approximately $5,484,068 between anonymous wallet addresses. These transactions may indicate increased interest and activity from larger investors in the cryptocurrency.
Recently, Elon Musk has asked the court to dismiss the lawsuit against him where the investors had operated a pyramid scheme to promote Dogecoin. However, Musk has denied these accusations laid against him.
It is worth noting that Musk has been vocal in his support of Dogecoin and contributed to its increasing popularity. However, investors accused him of promoting the cryptocurrency in a pyramid scheme, which incentivizes early investors to recruit others, leading to exponential growth.
Musk’s response to the accusations remains to be seen. Still, his involvement in Dogecoin has attracted significant attention and scrutiny, with investors and regulators closely monitoring his actions and statements related to the cryptocurrency.
The lawsuit’s outcome is yet to be determined, and how it will impact Musk’s involvement with the meme-inspired cryptocurrency remains to be seen.
Dogecoin has shown signs of optimism in its recent price performance, with the digital token experiencing a 6.64% increase in value over the past 24 hours. Currently, Dogecoin is trading at $0.08189, and the market capitalization has also seen a significant rise of 7.30%. This positive market trend is a welcome development for Dogecoin investors, who have watched the cryptocurrency’s price closely in recent weeks.
