Here’s How Much Dogecoin Robinhood Owns on Behalf of Clients
Two wallets by Robinhood hold around $6 billion worth of Dogecoin (DOGE) for its customers. This is evident by a report from Dogecoin Whale Alert, a site dedicated to analyzing real-time transactions on the DOGE blockchain and tracking transfers of 4M DOGE or more.
According to the data collected by Dogecoin Whale Alert, Robinhood wallet333495 has six addresses holding Dogecoin, with DBs4WcRE7eysKwRxHNX88XZVCQ9M6QSUSz string more than 30 billion DOGE, equivalent to $4 billion. This could be translated to 22.9% of the supply in circulation.
The second – wallet1699275 – as shown by the data, has two addresses holding DOGE, but their stash is relatively small, only accounting for 1% of the total circulating supply.
#Robinhood‘s 🪶 two known wallets—3334959 & 1699275—use eight known addresses. The total combined amount of #Dogecoin held by RH 🪶 on behalf of its investors is:
41,829,475,750 $DOGE$5,823,039,490 USD31.53% of the circulating supplyhttps://t.co/iWz81VqfEE
— Ðogecoin Whale Alert (@DogeWhaleAlert) March 27, 2022
The two Robinhood wallets keeping Dogecoin for retail trading currently have nearly 42,000,000,000 DOGE, 31.5% of the circulating supply, which is worth around $6.28 B.
Ðogecoin’s total circulating supply as of now is 132,670,764,299. With a fixed issuance rate of 5 billion coins per year, the supply will grow by 100B in 20 years.
Back in the second quarter of 2021, the price of Dogecoin skyrocketed, fueled by adoption started by Elon Musk, and even exceeded $0.7 at one point. The asset became highly popular on Robinhood as it accounted for 62% of the crypto revenue in Q2.
As the general crypto market has been recovering, BTC breaking out from significant resistance levels, DOGE has also shown signs of strength. In the past seven days, DOGE is up more than 23% and is now trading around $0.15.
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