Robinhood Moves All 41B Dogecoin To One Wallet: What Could It Mean?

Popular retail stock and cryptocurrency brokerage Robinhood Markets Inc. HOOD has put all its Dogecoin DOGE/USD in one wallet.

What Happened: A string of transactions picked up by blockchain wallet tracker Dogecoin Whale Alert discovered that Robinhood moved all 41 billion DOGE it owns to one address.

all #dogecoin held by @RobinhoodApp on behalf of its investors is now consolidated into one wallet address.

— Ðogecoin Whale Alert (@DogeWhaleAlert) July 21, 2022

The new wallet address now holds 31% of all DOGE inventory. According to data from BitInfoCharts, the total value of these 41 billion DOGE coins was worth $2.8 billion at the time of writing.

While Robinhood made no announcement about the move of these coins, market participants speculated that the cold wallet migration was likely done as part of a reorganization or for security reasons.

As we assumed, @Robin Hood finished migrating money in their cold wallet to a new address. This is *probably* a reorganization or for security reasons.

The new address is DPDLBAe3RGQ2GiPxDzhgjcmpZCZD8cSBgZ, which now owns 31% of Doge stock.

— Mishaboar (@mishaboar) July 22, 2022

“Remember, when you hold an exchange/broker, your money is kept in a system of cold wallets and hot wallets,” the popular Dogecoin account Mishaboar wrote on Twitter.

When you decide to hold on #doge in this way, but you accept the terms of the exchange/broker’s terms of service.
In general, your #crypto on each platform is mostly uninsured apart from crime insurance that allows an exchange to get some of your money back.

— Mishaboar (@mishaboar) July 22, 2022

See Also: Celsius Bankruptcy Hearing: Lawyers Claim Users Have Forfeited Legal Rights to Cryptography

Price Action: At the time of writing, DogecoinDOGE/USD was trading at $0.069, up 2.6% in 24 hours.

Photo by Ink Drop on Shutterstock

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