An unexpected transfer of 200 million Dogecoin (DOGE), worth more than $50 million, appeared on the blockchain just within the last hour, with major U.S. broker Robinhood directly involved, as per Whale Alert. The immediate thought was that some major unknown investor bought and withdrew DOGE from the platform.
But it quickly became known that the coins had just been moved between wallets controlled by Robinhood itself.
This did not have any lasting effect on the amount of coins available, but it still made the crypto audience curious about what was happening.
The transfer was so big that it was hard to ignore, and the background made it even harder. Dogecoin, which has been trading near $0.25 after a weekly surge that pushed its two-week gains above 16%, is now linked to a regulatory experiment that few thought possible a few years ago.
Dogecoin ETF: What, when, where?
The first U.S. Dogecoin fund, labeled DOJE, is on the verge of being launched as soon as today. Based on the not so common Investment Company Act of 1940, this Dogecoin ETF is similar to Solana’s SSK fund and not the Bitcoin ETF. Nevertheless, it will provide a new way to invest in the most popular meme coin.
The SEC is still saying no to approving a traditional spot DOGE ETF, but this workaround gives investors exposure.
Robinhood’s role in all of this is still very important. The platform is one of the biggest DOGE storage services in the world, holding billions of coins for retail users.
Source: https://u.today/200000000-doge-transfer-stuns-robinhood-amid-dogecoin-etf-drama
