Robinhood Has a Single Wallet With Almost $10B of Dogecoin in It

A single Robinhood wallet contains almost $10 billion in Dogecoin (DOGE), highlighting the meme coin's popularity among the platform's users.

Conor Grogan, an analyst, pointed out the massive holding, which is nearly a third of DOGE's total circulating supply.

Robinhood, known for its gamified trading platform, has played a crucial role in the dogecoin phenomenon.

When Robinhood listed dogecoin in 2018, it became widely accessible to retail traders, sparking a massive buying spree.

The meme coin's price skyrocketed, largely driven by social media hype and support from celebrities like Elon Musk.

Dogecoin's impressive rally helped propel Robinhood to record revenue in 2021, with dogecoin trades contributing significantly to the platform's overall trading volume.

However, the meme coin's瘋狂surge also led Robinhood to briefly limit cryptocurrency trades.

Later on, Robinhood expanded its support for meme coins by listing Shiba Inu (SHIB) and dogwifhat (WIF).

Additionally, Robinhood began facilitating Dogecoin transfers in the EU in 2024.

The identity of the largest dogecoin holder remains a subject of speculation, with some suggesting that it could be a single individual.

However, this scenario appears unlikely given the vast amount of tokens involved.

Earlier this year, blockchain analytics platform Lookonchain suggested that Elon Musk might be the biggest dogecoin holder based on the timing of his social media posts.

This would make Musk the largest dogecoin market maker.

Musk has confirmed that he personally holds dogecoin, but the precise quantity of tokens he owns is unknown.

After a strong rally in Q4, the price of DOGE has largely remained stagnant over the past year.

Currently, DOGE trades at $0.316.