Does Robinhood Hold Much Worth Of Dogecoin (DOGE)?

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Does Robinhood Hold Much Worth Of Dogecoin (DOGE)?
Does Robinhood Hold Much Worth Of Dogecoin (DOGE)?

Dogecoin (DOGE), the original memecoin and dog-themed cryptocurrency, is undeniably one of the most popular cryptocurrency projects. DOGE and Robinhood, the popular cryptocurrency exchange, have been developing a relationship for some time. The token was listed on the exchange in July 2018, nearly four years ago.

Today, Robinhood currently holds 40,508,384,607 DOGE tokens on behalf of its investors, according to a recent tweet by DogecoinWhaleAlert. 

Furthermore, the total value of the DOGE held on the exchange is $2.5 billion, or $2,518,365,763, to be exact. Furthermore, the Dogecoin held on Robinhood accounts for 29.70% of all DOGE tokens in circulation.

DOGE appears to be liked by Robinhood CEO Vlad Tenev as well. Tenev stated on Twitter in April that DOGE could become the internet’s currency.

Read also: Dogecoin Gains 7% As Musk-Twitter Acquisition Deal Resurface 

For DOGE to become the internet’s currency, Tenev believes transaction costs must be minimal. We are, however, almost there, as the CEO pointed out.

Robinhood is now one of the world’s most popular cryptocurrency exchanges. A listing on Robinhood frequently validates a cryptocurrency’s legitimacy. This is why many new projects constantly lobby to be listed on the platform. Shiba Inu (SHIB), another popular canine-themed cryptocurrency, saw many of its supporters hold online rallies and campaigns to get the token listed on the exchange, with recent success.

Read: Dogecoin Addresses Holding 100M to 1B Pumps Over 5% As 6 New Whales Scoop 620M DOGE

Is The Majority of Dogecoin Supply Held by Whales?

There have been rumours about who controls the majority of the Dogecoin supply. Many people believe that large whales are the biggest holders. 

However, many of the top DOGE wallets, both cold and hot, were discovered to be held by exchanges on behalf of thousands of clients. Robinhood is one such exchange that stores tokens for its customers. 

The fact that the majority of the clients are retail investors puts the rumour to rest.

DOGE’s main competitor, Shiba Inu (SHIB), on the other hand, gets the majority of its supply from a few giant whales. This, however, places a lot of power in the hands of a few people. Therefore, if the whales sold their holdings, it would significantly impact the price of SHIB.

Like the larger crypto markets, DOGE has taken another hit, trading at $0.059083 at press time, down 4.6% in the last 24 hours. Interest in memecoin appears to be waning. Despite its popularity and acceptance by many businesses, the project lacks many utilities.

Meme culture and social media are the primary drivers of growth. Due to this, the project is often overlooked in times of low social mention. 

The current slump is due to higher inflation and costs in the macroeconomic picture. The US CPI data is expected on October 13th, and investors are bracing for another 75-basis-point interest rate hike.