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More than 150 million Dogecoin (DOGE) were moved in a big transaction from an unidentified wallet to the well-known trading platform Robinhood. The movement, amounting to approximately $26. 4 million, which was recorded and reported by well-known blockchain tracking service Whale Alert. The community has been abuzz with speculation and interest as a result of this significant change in Dogecoin holdings. Advertisement.
Because of its easy-to-use platform, Robinhood has grown in popularity among both retail investors and cryptocurrency traders. Different interpretations have emerged from the platforms’ involvement in this transaction; some speculate that a large institutional investor or group of investors may be setting themselves up for future market developments.
The market is characterized by volatility, as evidenced by the recent activity, wherein large transactions can result in notable price movements and waves of speculation. Investors and enthusiasts are closely monitoring this big transaction to understand the motives behind it and how it might affect the Dogecoin market as the market processes this momentous transfer of Dogecoin to Robinhood.
Dogecoin (DOGE), the meme-inspired cryptocurrency, has garnered significant attention in recent years, particularly among retail investors Robinhood, the popular commission-free trading platform, has played a crucial role in facilitating Dogecoin’s accessibility and popularity. However, a common misconception surrounds the relationship between Robinhood and Dogecoin: does Robinhood actually own Dogecoin?
This article delves into the intricate relationship between Robinhood and Dogecoin, clarifying the ownership structure and exploring the
Additionally, the business started offering “select users” swap features on Wednesday, enabling them to exchange ether for more than 200 different assets. The wallet can charge users from any tokens they own, not just ETH, gas fees, which are the cost of transacting on Ethereum. In the upcoming weeks, the swap feature will be available to all users, according to Robinhood.
Dogecoin price looks for gains
The transaction coincides with a turbulent period for Dogecoin. Currently, DOGE is trading at $0.1709, marking a decrease of 3.40% over the last 24 hours. Despite the recent dip, Dogecoin has shown remarkable resilience and growth in the broader time frame, boasting a 114.01% increase over the last 30 days. This robust performance underscores the volatile and unpredictable nature of the cryptocurrency market.
Additionally, there was a noticeable increase in Dogecoin trading volume. The 24-hour trading volume is currently standing at $2. 58 billion, representing a 2. 36% increase. This spike in activity indicates that traders and investors are responding to the substantial flow of money and projecting future changes in the market.
The price of Dogecoin is being watched carefully by market analysts as it stabilizes around the $0. 175 mark. Nonetheless, investors and DOGE fans are currently feeling cautiously optimistic, with many anticipating a swift return to the $0 20 threshold. There are increasing rumors that a big market shift may be approaching due to the rise in trading volume and the notable switch to Robinhood. About the author.
Mushumir is a seasoned crypto writer with more than three years of in-depth experience in the field, committed to explaining the nuances of blockchain technology and decentralized finance. He brings a special blend of technical insight and communicative flair to the cryptocurrency space, from deconstructing the newest blockchain innovations to demystifying trading strategies. Mushumir has written innumerable articles, analyses, and market reports. As a result, he has established a unique voice that appeals to both experienced investors and those who are new to cryptocurrency.
Does Robinhood Own 28% Dogecoin?
FAQ
Is DOGE on Robinhood?
Who is Dogecoin owned by?
Does Robinhood own your crypto?
Is my crypto safe on Robinhood?
Does Robinhood own Dogecoin?
“It almost certainly belongs to Robinhood,” he said. “The timing of its creation, and the creation of the addresses that it received funds from, match the timing of Robinhood’s support of dogecoin.” Robinhood began offering dogecoin trading to its customers in July 2018.
How much Robinhood does Dogecoin make a year?
Crypto comprised 51% of all transaction-based revenue, but what’s concerning is that of the $233.1 million Robinhood generated from digital currency trading, more than 62% came from Dogecoin trades alone. That means Dogecoin accounted for a little more than 30% of transaction-based revenue.
Is Dogecoin the best crypto asset on Robinhood?
Bitcoin BTCUSD, -1.17% and more recently dogecoin have been at the center of a surge in interest in crypto assets on Robinhood. Dogecoin has risen more than 12,500% so far in 2021 and has gained nearly 100% in the year to date.
Does Robinhood offer securities trading?
Securities trading is offered through Robinhood Financial LLC. Created in 2013, dogecoin is an open-source, peer-to-peer digital currency, which features a Shiba Inu dog (aka “Doge”) as its mascot. Dogecoin was created to help make cryptocurrency more fun and accessible to the broader online community.