Dogecoin [DOGE], the OG meme crypto emerged stronger following Robinhood’s interest in the asset. Not just DOGE, but even Robinhood benefited greatly from this addition. The popularity of DOGE has peaked, with Robinhood holding roughly 32% of the total supply of the meme currency.
A Twitter account that reports whale alerts pertaining to Dogecoin pointed out that Robinhood entailed 42,317,050,147 DOGE worth $5,103,182,345. This reportedly accounts for about 31.90% of the total DOGE supply that is in circulation.
This enormous amount of DOGE is divided between two different crypto wallets. All the Dogecoin held in these belonged to Robinhood customers.
After dropping by over 10 percent over the last couple of days, Dogecoin was trading for $0.118, at press time. The meme coin was certainly taking a backseat as it slipped down to the 13th rank as its market cap dipped to $15.82 billion.
Dogecoin and Robinhood: Match made in heaven?
Dogecoin started out as a mere joke. The meme-inspired asset was one of the earliest cryptocurrencies. Elon Musk, the CEO of Tesla, is a big fan of DOGE and has even added support for it at the company. Despite these efforts, DOGE’s price remained below $1. While investors expressed dissatisfaction with the meme coin’s performance, Robinhood disagreed.
Last year, Robinhood reported that it scored big following the inclusion of crypto. Dogecoin particularly accounted for 62% of crypto revenue during the second quarter.
Could Shiba Inu bring more revenue into Robinhood?
Shiba Inu [SHIB] entered the crypto-verse and flourished as a DOGE killer. While SHIB has been sitting below the crypto limelight, its participation might jeopardize Dogecoin’s recent success with Robinhood. However, this looks to be far-fetched considering Robinhood is yet to integrate Shiba Inu.
Despite garnering a whopping 5,58,593 signatures on a petition to list Shiba Inu, Robinhood seemed to be turning a blind eye. Regardless, the inclusion of the asset could be a game-changer.