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Robinhood Holds 24% of Dogecoin’s Circulating Supply: Report

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Robinhood, the trading platform, holds one of the highest chunks of circulating Dogecoins. According to Whale Alert, Robinhood Application holds around 24.19% of the total circulating meme-coins on behalf of their customers.

Robinhood holds around 33,562,118,427 DOGE worth $293603680.63 as per the exchange rate at press time. According to CoinMarketCap, the total supply of Dogecoin is 138,770,656,384 DOGE.

At press time, DOGE was trading at $0.08257 with a 24-hour trading volume of $1,031,350,949; it is important to note that in the last trading session, the trading volume soared by over 120%. The memecoin has 0.97% market dominance.  

Source:TradingView

The memecoin performed reasonably well over the last six months, soaring over 36%. In weekly trading sessions, DOGE price gained 11%.  

The Dogecoin Whale activity alert traced down two major activities on Dogecoin Network. The tracer figured that 35,000,000 DOGE and 74,326,851 Doge were transferred to unknown wallet addresses.

On March 31, 2023, the co-founder of Dogecoin, Billy Markus, tweeted that he doesn’t work on Dogecoin and has no affiliation with the memecoin.  

Dogecoin adoption is increasing rapidly. There are over 30+ businesses that accept DOGE payments. In 2022, Tesla and SpaceX of centibillionaire Elon Musk announced that customers could purchase several Tesla products using Dogecoin. 

Other than Tesla and SpaceX, Twitch, Keys4Coins, Newegg, GameStop, AMC Theaters, Bitrefill, and airBaltic also accept Dogecoin payments. 

Major Technical Levels 

Major Resistance:$0.08191 and $0.08671

Major Support:$0.06638 and $0.06158 

According to Reuters, Elon Musk requested a U.S. judge to dismiss a racketeering lawsuit accusing him of running a scheme to support Dogecoin. The legal team Musk has filed their request in Manhattan Federal Court. 

Musk has faced several lawsuits over his tweets. Last month, a San Francisco jury found him not liable for a tweet saying that he had arranged for funds to privatize Tesla, per Reuters.

Summary 

Nevertheless, Musk’s involvement with Dogecoin has undeniably benefited the currency and its community. It’s quite a popular crypto, especially because of its association with Musk.  

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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