Robinhood has recently secured its place as the biggest holder of Dogecoin in the world. The company currently holds 33,562,118,378 DOGE, which is equivalent to $2,515,849,956 USD, or 24.25% of the circulating supply. This is a significant increase from just a few months ago, when the company held only a fraction of this amount.
Dogecoin has been moving in a descending triangle chart pattern over the last few months. This chart pattern is characterized by lower highs and a horizontal support level. The price of Dogecoin has been approaching the end of this chart pattern, and it is expected that this might soon cause a volatility spike.
Robinhood themselves have not been accumulating the cryptocurrency but simply holding funds that users deposited. The total amount held could also be distributed among numerous wallets.
Dogecoin has been known for its high volatility and wild price swings. The recent accumulation of Dogecoin by Robinhood has sparked speculation that the company may be preparing for a significant move on the cryptocurrency market. Some analysts believe that the company's massive holdings of Dogecoin could lead to a significant increase in the cryptocurrency's price.
Despite its recent price surge, Dogecoin is still a relatively new cryptocurrency and is subject to significant volatility. As a result, investors should exercise caution when investing in the cryptocurrency. While it is possible to make significant profits by investing in Dogecoin, it is also possible to lose money if the cryptocurrency's price falls.