Robinhood Holds over 24% of Total Dogecoin Supply Worth $2.2 Billion

03/14/2023 19:17 • Metaverse Matters • 89 views

According to the report, according to the data provided by @ DogeWhaleAlert, the number of dogcoin DOGE currently held by the encrypted transaction application Robinhood on behalf of investors has reached 33562118379, which accounts for 24.23% of the total supply of dogcoin, about $2206373662. At the same time, dog coins also showed signs of price recovery with the rebound of the encryption market. At the time of writing this article, it rose to the range of 0.07 US dollars, with an increase of more than 10% in the past 24 hours. （u.today）

Robinhood currently holds more than 33.5 billion DOGE on behalf of investors, nearly a quarter of the total supply

Analysis based on this information:

The latest report states that the number of Dogecoins held by the investment trading app Robinhood has crossed 33.5 billion, which accounts for almost 24.23% of Dogecoin’s total supply worth $2.2 billion. It has become the most significant currently known Dogecoin owner, surpassing Tesla’s ownership of 1.5 billion Dogecoins. Despite the recent Elon Musk tweet, “Doge Barking at the Moon,” causing a surge in its price, the value of Dogcoin saw fluctuations due to various factors. However, it has now shown positive signs of recovery alongside other cryptocurrencies.

Robinhood’s large Dogecoin portfolio suggests that an exorbitant number of investors have invested their money through Robinhood. While Dogecoin remains a highly volatile and speculative digital currency, people still consider it a lucrative investment option. The recent Dogecoin price hike has triggered investors’ interest in this currency even more.

The current Dogecoin price recovery is an encouraging sign for many investors. The boost in the price of other cryptocurrencies has also drawn the attention of investors towards Dogecoin. Its market value gained an increasing trend, rising to about 10% in the past 24 hours. However, this price recovery might not last long as cryptocurrencies tend to fluctuate frequently with global market conditions.

Dogecoin has gained noteworthy fame and popularity for being highly unpredictable and unstable. Despite its volatility, it has proven to attract investment from massive firms like Robinhood, which is widely popular among retail investors. Its adoption has witnessed a massive rise among the crypto community, which indicates that the reliance on digital currencies is rising.

In conclusion, Dogecoin has become more appealing to a broad spectrum of investors despite its highly volatile nature. Robinhood’s large ownership of Dogecoins further authenticate its viability as an investment asset. However, it is crucial to remain cautious with emerging cryptocurrencies as they are highly prone to market fluctuations. With that being said, the recent rise of Dogecoin’s value contributes to creating a positive outlook on its future growth.

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