Robinhood probably profited from traders ‘protesting with Dogecoin’

Robinhood probably profited from traders ‘protesting with Dogecoin’
HeadlinesNewsRobinhood probably profited from traders ‘protesting with Dogecoin’

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Robinhood probably profited from traders ‘protesting with Dogecoin’

Modern Consensus.2 weeks ago
Published on February 18, 2021 04:58 GMT+0edited on February 18, 2021 05:00 GMT+0

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Stock trading app Robinhood seemingly profited off of retail investors who turned to memecoin Dogecoin to protest the trading platform restricting their ability to buy GameStop stocks.

When Robinhood temporarily barred its retail customers from buying GameStop stocks, purportedly as a reaction to reddit’s r/WallStreetBets community buying it in an attempt to squeeze out the major hedge funds shorting the video game retailer’s stock, many decided that they would protest by buying Dogecoin (DOGE) instead. 

However, the plan may have backfired in a big way, according to blockchain analytics firm Elliptic’s chief scientist and co-founder, Tom Robinson.

According to a Feb. 17 Bloomberg report, Robinhood customers’ demand for Dogecoin was so high that it apparently made...