Main navigation

Robinhood Now Holds 24% of All Dogecoins (DOGE), Dominating Dogecoin Network

Tue, 03/07/2023 - 13:15
article image
Arman Shirinyan
Robinhood dominates whole network with almost 33.5 billion DOGE
Robinhood Now Holds 24% of All Dogecoins (DOGE), Dominating Dogecoin Network
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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.

Shiba Inu (SHIB) Creator Name Revealed Thanks to OpenSea

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.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.