As noted by analyst Conor Grogan, just one Robinhood wallet owns $9.3 billion worth of Dogecoin (DOGE).
Robinhood has a single wallet with almost $10B of dogecoin in it pic.twitter.com/GpzLKL9zCW
— Conor (@jconorgrogan) January 9, 2025
The original meme cryptocurrency, which currently has a market cap of $46 billion, has long been the darling of Robinhood users.
Back in 2021, Dogecoin emerged as the platform’s bread and butter, accounting for a significant chunk of its revenue.
The meme coin experienced a massive rally due to constant social media attention from billionaire Elon Musk and other prominent personalities.
The insane speculative frenzy prompted Robinhood to briefly restrict cryptocurrency trading back then.
In late 2024, Robinhood also started supporting Dogecoin transfers in the EU.
After listing Dogecoin all the way back in 2018, Robinhood has since opened its doors to other competing meme coins such as Shiba Inu (SHIB) and dogwifhat (WIF).
Who is the biggest Dogecoin holder?
Overall, Robinhood’s wallets own roughly a third of Dogecoin’s total circulating supply.
It is possible that a single person could be behind the biggest Dogecoin wallet even though this does not seem likely.
In 2022, blockchain analytics platform Lookonchain suggested that the largest holder of Dogecoin was none other than Elon Musk based on the peculiar timing of his social media post.
This would make the billionaire the biggest Dogecoin market maker.
Musk previously confirmed that he was a DOGE holder. However, it is unclear how many tokens the Tesla CEO actually owns.
The price of DOGE has been mostly stagnant over the past year after seeing a massive rally in the fourth quarter. It is currently tradign at $0.316.
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