Dogecoin is the first ever meme-coin that was launched in the crypto world. Since then, thousands of memecoins have flooded the crypto space but DOGE still remains the most valuable cryptocurrency on the planet.
While Dogecoin has intense competition from Shiba Inu, Baby Doge, and Safemoon, it has managed to sustain its top spot in the memecoin battle. Recently, a new report came out that revealed Robinhood is having massive position in DOGE and it essentially controls 1/3rd of the DOGE supply.
Robinhood Controls 1/3rd Of Doge Supply
If you’re not aware, Robinhood is a trading platform that focusses on retail investors’ access to financial markets, both stocks and crypto. Any coin that gets listed on Robinhood is perceived to be valuable and credible. This is why many crypto communities, especially Shiba Inu community on Twitter, try to get Robinhood to list their favorite cryptos.
As per the latest reports, it is believed Robinhood holds 42,436,664,891 of Dogecoin which is fiat worth of $5,398,537,887.
If the reports are to be believed then Robinhood is a massive DOGE whale that has the power to influencer 30% of the Dogecoin market. However, the trading platform has not accepted or denied these reports.
Dogecoin Whales
According to Doge Whale Alert website that tracks the activity of Dogecoin Whales, “Robinhood’s wallet 3334959 has 6 addresses, all in the top 20 by the amount of Ðogecoin held.”
All of the Ðogecoin held by Robinhood belongs to its retail investors which currently totals 31.99% of the circulating supply.
Dogecoin rose to fame in early 2020 when the memecoin craze was at its peak. It also got a boost of popularity and price rise when Elon Musk publicly announced that he owns DOGE.
Elon Musk’s tweet about Dogecoin caused wild swings in the price of Dogecoin on both the sides. However, the craze for Dogecoin seems to have relaxed now as retail investors are now focusing on its competitor coins like Shiba Inu and BabyDoge.
