As famous by analyst Conor Grogan, only one Robinhood pockets owns $9.3 billion price of Dogecoin (DOGE).
The unique meme cryptocurrency, which at present has a market cap of $46 billion, has lengthy been the darling of Robinhood customers.
Again in 2021, Dogecoin emerged because the platform’s bread and butter, accounting for a big chunk of its income.
The meme coin skilled an enormous rally as a result of fixed social media consideration from billionaire Elon Musk and different outstanding personalities.
The insane speculative frenzy prompted Robinhood to briefly limit cryptocurrency buying and selling again then.
In late 2024, Robinhood additionally began supporting Dogecoin transfers within the EU.
After itemizing Dogecoin all the best way again in 2018, Robinhood has since opened its doorways to different competing meme cash similar to Shiba Inu (SHIB) and dogwifhat (WIF).
Who’s the most important Dogecoin holder?
Total, Robinhood’s wallets personal roughly a 3rd of Dogecoin’s whole circulating provide.
It’s potential {that a} single individual may very well be behind the most important Dogecoin pockets though this doesn’t appear probably.
In 2022, blockchain analytics platform Lookonchain advised that the most important holder of Dogecoin was none aside from Elon Musk primarily based on the peculiar timing of his social media submit.
This may make the billionaire the most important Dogecoin market maker.
Musk beforehand confirmed that he was a DOGE holder. Nonetheless, it’s unclear what number of tokens the Tesla CEO truly owns.
The worth of DOGE has been principally stagnant over the previous 12 months after seeing an enormous rally within the fourth quarter. It’s at present tradign at $0.316.