According to a recent update from Whale Alert, nearly $13 million worth of Dogecoin (DOGE) has been transferred from an unknown wallet to the commission-free investing app Robinhood.
This is the first major DOGE transfer to the platform recorded by Whale Alert since June 5. Back then, a whopping $32.6 million worth of DOGE was transferred to the platform.
According to Robinhood's Q1 report, Robinhood users hold a whopping $7.36 billion of DOGE. It's the second-most popular cryptocurrency on the platform (behind only Bitcoin).
Tomiwabold OlajideBeth Kindig, the lead tech analyst at the I/O Fund, recently noted that Robinhood has a high concentration risk in Dogecoin for cryptocurrency trading volume. "April and May’s MoM declines in trading volumes are correlating to decreased volatility and volume for $DOGE," she wrote.
A Dogecoin ETF?
During a recent interview, former BitMEX CEO Arthur Hayes predicted that a Dogecoin exchange-traded fund (ETF) could appear by the end of this market cycle.
Hayes described meme coins as the "luxury brand" of the cryptocurrency industry.
His prediction is based on the fact that it is the oldest meme coin with a high market cap. Dogecoin gained mainstream prominence shortly after being launched in December 2013 before exploding in popularity in early 2021.
The controversial entrepreneur has also pointed to the fact that Dogecoin has now been listed on Robinhood for years.
As reported by U.Today, Dogecoin co-founder Billy Markus recently downplayed DOGE ETF rumors last month, arguing that the launch of such a product did not seem likely to him.
Dan Burgin