Dogecoin

Arthur

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
According to a recent update from Whale Alert, nearly $13 million worth of Dogecoin (DOGE) has been&nbsp;<a href="https://x.com/whale_alert/status/1802534057147814034" rel="noopener noreferrer nofollow">transferred</a> from an unknown wallet to the commission-free investing app Robinhood.&nbsp;&nbsp;&nbsp;&nbsp;
This is the first major DOGE transfer to the platform recorded by Whale Alert since June 5. Back then, a whopping $32.6 million worth of DOGE was transferred to the platform.&nbsp;
According to Robinhood's Q1 report, Robinhood users hold a whopping $7.36 billion of DOGE. It's the second-most popular cryptocurrency on the platform (behind only Bitcoin).&nbsp;
Beth Kindig, the lead tech analyst at the I/O Fund, recently noted that Robinhood has a high concentration risk in Dogecoin for cryptocurrency trading volume. "April and May’s MoM declines in trading volumes are correlating to decreased volatility and volume for $DOGE," she&nbsp;<a href="https://x.com/Beth_Kindig/status/1801417700473700817" rel="noopener noreferrer nofollow">wrote</a>.&nbsp;&nbsp;
<h2 id="a-dogecoin-etf">A Dogecoin ETF?&nbsp;</h2>
During a recent interview, former BitMEX CEO Arthur Hayes predicted that a Dogecoin exchange-traded fund (ETF) could appear by the end of this market cycle.&nbsp;
Hayes described meme coins as the "luxury brand" of the cryptocurrency industry.&nbsp;
His prediction is based on the fact that it is the oldest meme coin with a high market cap. Dogecoin gained mainstream prominence shortly after being launched in December 2013 before exploding in popularity in early 2021.&nbsp;
The controversial entrepreneur has also pointed to the fact that Dogecoin has now been listed on Robinhood for years.&nbsp;&nbsp;
As&nbsp;<a href="https://u.today/dogecoin-etf-heres-what-doge-creator-really-thinks" rel="noopener noreferrer nofollow">reported by U.Today</a>, Dogecoin co-founder Billy Markus recently downplayed DOGE ETF rumors last month, arguing that the launch of such a product did not seem likely to him.&nbsp;

Robinhood Records Large Dogecoin Transfer

Table of Contents

U_Today

Other articles published on Jun 17, 2024

Binance Lists ZKsync Trading Pairs and Launches Token Distribution Program

Is Ripple (XRP) on the Brink of a Major Breakout?

SEC's Crypto Enforcer Quits. What's His Next Move?

ZkSync defends Sybil measures as Binance offers own ZK token airdrop

Rollblock (RBLK) Set to Break Crypto Records in 2024 Surpassing Bitcoin Cash (BCH) and ETC in Mar...

DePin Projects Thrive on Solana: Render, Helium, and More Lead the Charge

Join our free newsletter for daily crypto updates!