Another abnormal large capital movement has been recorded in the crypto market, as more than 327.269 million Dogecoin tokens were transferred from Robinhood’s cold wallet to an unknown address, according to Whale Alert. The amount totaled about $30 million at the current DOGE price. However, based on deeper on-chain data from Arkham, it can be concluded that the transfer was not made by an unknown long whale but by the U.S. broker itself, since Arkham identifies the recipient as Robinhood’s own hot wallet. Unlike cold storage, hot wallets are constantly connected to the network and used to provide liquidity.
Moving nearly $30 million in Dogecoin from secure storage to an operational wallet 11 days before April 20 is described by analysts as a classic preparation move. For those who have been in crypto for a long time, especially following DOGE, this date is a key one for the meme coin, officially recognized as Doge Day. In 2025, immediately after April 20, the price began rising and peaked on May 12 with a 67% increase to $0.26 per Dogecoin. This is not a whale purchase but a technical exchange operation, which nonetheless suggests professional market participants are preparing for higher demand, while Robinhood may expect retail activity or coins moving to personal wallets on Doge Day.
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