HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Dogecoin Surprisingly Plays An Important Role On Robinhood’s Existence

Altcoins 2021/07/03 00:56 by David Kariuki
Grayscale CEO Barry Silbert Says Dogecoin Is Dramatically Overvalued

The recent shilling of Dogecoin was not in vain for the Robinhood cryptocurrency trading app. It generated 34% of the app’s cryptocurrency transaction revenues during the first quarter of this year. This is compared to only 4% of the income generated from Dogecoin transactions during the fourth quarter of 2021.

According to IPO filings made by Robinhood, the declining Dogecoin interest was a threat to its business.

In addition to the factors impacting the broader cryptoeconomy described elsewhere in this section, RHC’s business may be adversely affected, and growth in our net revenue earned from cryptocurrency transactions may slow or decline, if the markets for Dogecoin deteriorate or if the price of Dogecoin declines, including as a result of factors such as negative perceptions of Dogecoin or the increased availability of Dogecoin on other cryptocurrency trading platforms,” said the company. 

Dogecoin has been experiencing a surge in price since April reaching a peak price of $0.71 in May. The recent surge involved Elon Musk’s support for the cryptocurrency saying he would send an actual Dogecoin in space.

DOGEUSD Chart By TradingView

He has been tweeting a lot about the digital asset. A few days ago he sparked a price pump when he posted a “release the doge” tweet. He also caused the price of a Dogecoin spinoff called ‘baaby doge coin’ to surge in price after he tweeted about it.

The cryptocurrency trading app is a major choice for many traders in the U.S. but is limited to U.S. citizens. In total, Robinhood generated 17% of its total revenue from cryptocurrencies in the three months ending March 2021.

0 Like(s)



You should also read...

Altcoins 04/12/19 20:00 by Cole Petersen
XRP Set to End 2019 on a Poor Note as it Fails to Garner Any Momentum
XRP has had a rough 2019, with the embattled cryptocurrency setting fresh yearly lows just in the past several weeks with its drop down to $0.20. This bearishness has led XRP to be one of the worst pe...
Read More
Crypto 06/03/20 17:39 by Brenda Ngari
RBI Files Petition To Review Supreme Court’s Crypto Ruling As Indian Exchanges Resume Fiat Deposits
Two days ago, the Supreme Court overturned the Reserve Bank of India’s cryptocurrency ban after determining that the decision was unconstitutional. This ruling was viewed as a major win for the cry...
Read More
Crypto 23/03/20 16:39 by Livine Sanchez
The Top 3 Crypto Promotions to Take Advantage of Right Now
Since March began, the cryptocurrency market has experienced some of its highest volatility in the last decade and many cryptocurrencies crashed to their lowest value in 2020 just days ago. In thi...
Read More
Altcoins 01/02/21 14:14 by Yashu Gola
Analysis: Ripple (XRP) Risks Massive Declines After WallStreetBets-Led Pump
Ripple is back at the center of attention of the cryptocurrency community after a group of Redditors responsible for pumping failed stocks of GameStop and AMC Corporations choose to orchestrate the sa...
Read More
Altcoins 16/06/21 01:59 by Anifowoshe Ibrahim
Coinbase Pro To List Shiba Inu, The “Dogecoin Killer” Price Soars
The price of the shiba inu cryptocurrency rose on Tuesday after Coinbase revealed that the meme cryptocurrency would begin trading on Coinbase Pro this week. Coinbase To Trade Shiba Inu Coinbase annou...
Read More