Taking to the X platform, crypto analyst Conor Grogan revealed that one Robinhood wallet holds nearly $10 billion worth of Dogecoin (DOGE). This disclosure has raised concerns about the potential impact on the Dogecoin market.
Robinhood’s Dogecoin Journey
Dogecoin, currently the biggest meme coin by market capitalization, has long been a favorite of Robinhood, an American financial services company. According to a CNF report, in 2021, Dogecoin accounted for a large chunk of the firm’s revenue.
The meme coin saw a tremendous rally due to continuous social media attention from billionaire Elon Musk and other prominent figures. This wild speculative frenzy caused Robinhood to temporarily halt crypto trading at the time.
However, in August 2023, Robinhood announced support for DOGE. This announcement came six months after the company launched a crypto wallet as it doubled down on its expansion plans. Subsequently, in late 2024, Robinhood began supporting Dogecoin transfers in the EU.
Since then, Robinhood has opened its doors to other competing meme coins, including Shiba Inu (SHIB) and Dogwifhat (WIF). Currently, Robinhood wallets hold nearly one-third of Dogecoin’s total circulating supply, which amounts to 147.56 billion DOGE.
While this proves a large backing for DOGE, the centralized holding is also not good for the meme coin. Should Robinhood choose to liquidate its holdings, it might significantly impact Dogecoin.
In 2021, the blockchain analytics platform Lookonchain suggested that Elon Musk held the biggest Dogecoin wallet based on the peculiar timing of one of his social media posts.
This would make the Tesla CEO the biggest Dogecoin market maker. In a recent CNF update, Musk acknowledged that he personally owns DOGE. Musk, however, did not reveal the amount of DOGE he owns. Intriguingly, the billionaire’s social media DOGE comments have been instrumental in shaping the meme coin’s price.
Dogecoin Reigns in the US
Discussions surrounding Dogecoin recently heightened in the US after Senator Joni Ernst used a Doge-themed visual during a speech in Congress. Dogecoin co-creator Billy Markus drew the market’s attention to the event in an X post.
During her Senate speech, Senator Ernst displayed an image of the DOGE meme coin, depicted as a sand-dust cloud engulfing Washington, D.C. The image symbolizes how the Department of Government Efficiency (D.O.G.E) operations are likely to spread throughout the city in the coming weeks.
D.O.G.E. is an advisory group focused on reducing government spending to establish a more streamlined and effective administration. The group, led by Elon Musk, seeks to abolish bureaucracy and pledges to cut approximately $2 trillion from the government’s yearly budget.
As for DOGE, the price appears stagnant over the past year. The meme coin saw a massive rally in the fourth quarter of 2024. However, the price is currently seeing a downtrend amid a general market bearish sentiment.
As of this writing, DOGE has recovered slightly, trading at $0.3365, up 0.9% in the last 24 hours.