According to a recent update from Whale Alert, almost $13 million worth of Dogecoin (DOGE) has been sold. transferred from an unknown wallet to the commission-free investing app Robinhood.
According to a recent update from Whale Alert, almost $13 million worth of Dogecoin (DOGE) has been sold. transferred from an unknown wallet to the commission-free investing app Robinhood.
This is the first major DOGE transfer to the platform recorded by Whale Alert since June 5. Back then, a whopping $32.6 million worth of DOGE was transferred to the platform.
According to Robinhood’s Q1 report, Robinhood users own a whopping $7.36 billion worth of DOGE. It is the second most popular cryptocurrency on the platform (only behind Bitcoin).
Tomiwabold OlajideBeth Kindig, lead technology analyst at I/O Fund, recently noted that Robinhood has a high Dogecoin concentration risk for cryptocurrency trading volume. “April and May monthly drops in trading volumes correlate with lower $DOGE volatility and volume,” she said. wrote.
A Dogecoin ETF?
During a recent interview, former BitMEX CEO Arthur Hayes predicted that a Dogecoin exchange-traded fund (ETF) could appear at the end of this market cycle.
Tomiwabold OlajideHayes described meme coins as the “luxury brand” of the cryptocurrency industry.
Their prediction is based on the fact that it is the oldest meme coin with a high market capitalization. Dogecoin gained mainstream prominence shortly after its launch in December 2013 before exploding in popularity in early 2021.
The controversial businessman has also pointed out the fact that Dogecoin has been listed on Robinhood for years.
As reported by U.TodayDogecoin co-founder Billy Markus recently downplayed rumors about the DOGE ETF last month, arguing that the launch of such a product did not seem likely to him.
