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Monday, June 3, 2024
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Robinhood’s influence on Dogecoin

Robinhood brings Shiba Inu and other cryptocurrencies to Nevada

Dogecoin Market [DOGE] saw the movement of 90 million DOGE tokens worth $14.2 million. This exorbitant amount of money was withdrawn from Robinhood early Friday. Whale Alert, a prominent blockchain monitoring tool, shed light on this transaction. This notable transaction has attracted significant attention from the cryptocurrency community.

At the time of writing, Dogecoin’s price has increased a modest 1% and is currently trading at $0.1599. Earlier today, it hit a 24-hour high of $0.1645.

Over the past month, the asset is up nearly 12%, signaling increased investor interest. Despite today’s price increase, the meme coin recorded a 3% drop earlier before recouping some of its losses.

Robinhood’s influence on Dogecoin

Robinhood, a commission-free investing app, has played a key role in Dogecoin’s history since it began supporting the cryptocurrency in 2018. The platform’s dominance in selling US retail has contributed significantly to DOGE’s strong rise in early 2021, thanks to increased retail investor participation.

According to Robinhood’s Q1 update, its users collectively hold $7.4 billion worth of Dogecoin. This number surpassed their holdings in Ethereum [5,6 tỷ USD]. Bitcoin remains the most significant asset holding among Robinhood users, with a total value of $10.4 billion.

Besides the recent withdrawal from Robinhood, there has been significant whale activity around Dogecoin. Sentiment data reveals that Dogecoin whales purchased 700 million DOGE worth approximately $112 million in the past 24 hours. However, this significant buying pressure has not resulted in a sharp increase in price for the asset.

While the asset has shown some resilience and moderate gains, its performance remains lackluster despite significant whale activity. Platforms like Robinhood continue to play an important role in shaping the direction of assets like Dogecoin.

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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