Dogecoin (DOGE), the original memecoin and dog-themed crypto are without a doubt one of the most popular crypto projects. DOGE and Robinhood, the popular crypto exchange, have had a budding relationship for some time now. The exchange listed the token in July of 2018, over four years ago.
Now, According to a recent tweet by DogecoinWhaleAlert, Robinhood currently holds 40,508,384,607 DOGE tokens on behalf of its investors. Additionally, the total value of the DOGE held on the exchange amounts to a whopping $2.5 billion, $2,518,365,763 to be exact. Moreover, the Dogecoin held on Robinhood accounts for 29.70% of all circulating DOGE tokens.
DOGE also seems to be liked by Robinhood CEO Vlad Tenev. In April, Tenev took to Twitter and said that DOGE could become the currency of the internet.
According to Tenev, for DOGE to become the currency of the internet, transaction costs would have to be vanishingly small. However, we are almost there, as indicated by the CEO.
Now, Robinhood is one of the most popular crypto exchanges in the world. A listing on Robinhood often solidifies a crypto’s legitimacy. This is why many new projects constantly lobby to get their project listed on the platform. Shiba Inu (SHIB), another popular canine-themed crypto, saw many of its proponents hold online rallies and campaigns to get the token listed on the exchange, with recent success if one may add.
Are whales holding a majority of Dogecoin supply?
There have been rumors surrounding who holds a majority of the Dogecoin supply. Many allege that big whales are the biggest holders. However, it was found that many of the top DOGE wallets, cold and hot, were held by exchanges, on behalf of thousands of clients. Robinhood is one such exchange that holds the tokens for its clients. This puts the rumor to rest as a majority of the clients are retail investors.
On the other hand, DOGE’s main competitor, Shiba Inu (SHIB) has a majority of its supply in the hands of a few giant whales. This gives a lot of control in the hands of a few. If the whales were to dump their holdings, it would have heavy repercussions on SHIB’s price.
However, DOGE, along with the larger crypto markets, has taken another beating as of this morning. At press time, DOGE was trading at $0.059083, down by 4.6% in the last 24 hours. Furthermore, interest in the memecoin seems to be diminishing. The project, although popular and accepted by many businesses, does not have many utilities.
It mostly thrives on social media and meme culture. Hence in times of low social mentions, the project is often overlooked. However, the current slump is mostly due to the larger economic picture of rising inflation and costs. The US CPI data is expected on the 13th of October, and investors are bracing themselves for another 75-basis point interest rate hike.