Robinhood Records Large Dogecoin Transfer

Robinhood, the commission-free investing app, has received a large transfer of Dogecoin (DOGE) worth nearly $13 million from an unknown wallet, as reported by Whale Alert. This marks the first significant transfer of DOGE to the platform since June 5 when $32.6 million worth of DOGE was transferred. The Q1 report from Robinhood reveals that its users currently hold a staggering $7.36 billion worth of DOGE, making it the second most popular cryptocurrency on the platform, after Bitcoin. However, tech analyst Beth Kindig has raised concerns about the high concentration risk in Dogecoin for Robinhood’s cryptocurrency trading volume. In a recent interview, former BitMEX CEO Arthur Hayes predicted the possibility of a Dogecoin exchange-traded fund (ETF) appearing by the end of the current market cycle. Hayes sees meme coins like Dogecoin as the “luxury brand” of the cryptocurrency industry. He points to Dogecoin’s status as the oldest meme coin with a high market cap and its long-standing listing on Robinhood as supporting factors for a potential DOGE ETF. However, Dogecoin co-founder Billy Markus has expressed skepticism about the likelihood of such a product being launched.