Whale Buyback Following Robinhood Saga: Splashes $25 Million on Dogecoin

A whale recently made a large purchase of Dogecoin. They splashed a whopping $25 million on the cryptocurrency.

164 Million Dogecoin in Nine Minutes

In a recent tweet, a user highlighted another whale purchase of DOGE made on the RobinhoodApp, making a second such purchase within just 15 minutes. The wallet in question, identified as DEndnp, reportedly bought or moved a total of 164 million DOGE (approximately $25 million) in nine minutes.

Moreover, there has been some speculation that these large purchases by whales could be related to the recent Wells Notice issued by the U.S. Securities and Exchange Commission (SEC) to @RobinhoodApp regarding their involvement with DOGE.

Additionally, some observers believe that the whales may be moving their DOGE holdings off of exchanges or that the exchanges themselves may be moving the cryptocurrency in anticipation of regulatory action.

Robinhood Receives Wells Notice From SEC

Yesterday, Robinhood announced that it had received a ‘Wells Notice’ from the SEC. According to the company, this notice relates to a prior disclosure of an SEC investigation into Robinhood’s cryptocurrency listings, custody practices, and platform operations.

Notably, a Wells Notice is a formal letter from the SEC to a company or individual, indicating that the agency intends to bring an enforcement action against them. It allows the recipient to respond to the allegations and defend themselves.

Earlier this month, a popular trader revealed that the news of the Wells Notice had an impact on the market, as liquidity was taken under monthly lows. However, in such cases, the market typically experiences a slight uptick. If you had shorted BTC with me at 67k, you can take full size right now.

Additionally, he asserted that if co-traders listened to his analysis and SOL short from 180/160, they could take half the size. On a local level, they can scalp long BTC and DOGE. This means that they can make small trades to profit from short-term price movements.