Ifeanyi Jesse 
Robinhood Loses Many Dogecoins After Wells Notice
Robinhood, a prominent American cryptocurrency exchange, recently got a Wells Notice from the Securities and Exchange Commission. On May 4, the SEC’s approach was met with anger, as the notification included recommendations to the commission to file for enforcement action because Robinhood allegedly violated various securities laws.
DOGE Exits Troubled Exchange Robinhood
Meanwhile, substantial cryptocurrency investors saw it as a warning and began withdrawing funds from the renowned California-based exchange. Surprisingly, the leading dog memecoin, Dogecoin (DOGE), was caught up in this maelstrom, with many multi-million DOGE withdrawals from the network.
A massive DOGE whale cashed out 164 million DOGE a few hours ago, which converted to $25 million at stamped transaction time.
DOGE fell by 5.8% following the incidents in the last 24 hours. However, the recent price drop can hardly be ascribed to outflows on Robinhood, as shifting a cryptocurrency from an exchange to a self-custodial wallet usually benefits the cryptocurrency in question.
Furthermore, their prices have been closely related because Dogecoin and Bitcoin use the same Proof of Work (PoW) consensus. Using such a system, they are the only two cryptocurrencies in the top ten worldwide market capitalizations.
