Robinhood is holding $5.8 billion in DOGE on behalf of its customers

Mohadesa Najumi

A Twitter account by the name of @DogeWhaleAlert has revealed that the U.S. trading app, Robinhood is currently holding almost $6 billion in Dogecoin on behalf of its customers.

The specific number held by Robinhood is $5,847,347,000.

This amount of DOGE held by the app is 31.42% of the entire circulating supply, that is 41,687,447,478 coins.

In addition, it has been revealed that Robinhood has moved 48,086,697 DOGE tokens worth $6,676,165 to an anonymous address.

Regarded by some as the world’s most valuable parody, Dogecoin is a Shiba Inu-themed cryptocurrency that was started by software engineers, Billy Markus and Jackson Palmer as a way to joke with and satirise the momentum surrounding cryptocurrencies.

Dogecoin differs from Bitcoin (BTC) in that it is considered inflationary, not deflationary. This means that there is no hard limit on the total supply of coins, unlike Bitcoin which has a ceiling on the number of coins that will be created.

According to Cryptwerk, a total of 2,053 merchants now accept DOGE as payment. The billionaire entrepreneur Mark Cuban also announced last year that U.S. basketball team, the Dallas Mavericks, will accept online Dogecoin payments for the Mavs’ merchandise and tickets.

In another boost for the coin, the Bitcoin ATM operator, Bitcoin of America has added DOGE to its machines in 1,800 locations across the United States.

Wallet Investor predicts that DOGE’s price could reach $0.29 in a year’s time and treble to $0.86 in five years.