As famous by analyst Conor Grogan, only one Robinhood pockets owns $9.3 billion price of Dogecoin (DOGE).
Robinhood has a single pockets with nearly $10B of dogecoin in it pic.twitter.com/GpzLKL9zCW
— Conor (@jconorgrogan) January 9, 2025
The unique meme cryptocurrency, which at the moment 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 major chunk of its income.
The meme coin skilled a large rally on account of fixed social media consideration from billionaire Elon Musk and different distinguished personalities.
The insane speculative frenzy prompted Robinhood to briefly prohibit 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 akin 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 complete circulating provide.
It’s doable {that a} single individual might be behind the most important Dogecoin pockets regardless that this doesn’t appear possible.
In 2022, blockchain analytics platform Lookonchain recommended that the most important holder of Dogecoin was none aside from Elon Musk primarily based on the peculiar timing of his social media put up.
This could 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 yr after seeing a large rally within the fourth quarter. It’s at the moment tradign at $0.316.
