Robinhood Holds 24% of Total Dogecoin Supply; Dogecoin Shows Signs of Recovery

03/14/2023 19:17 • Blockchain Buzz • 155 views

According to the report, according to the data provided by @ DogeWhaleAlert, the number of dogcoin DOGE currently held by the encrypted transaction application Robinhood on behalf of investors has reached 33562118379, which accounts for 24.23% of the total supply of dogcoin, about $2206373662. At the same time, dog coins also showed signs of price recovery with the rebound of the encryption market. At the time of writing this article, it rose to the range of 0.07 US dollars, with an increase of more than 10% in the past 24 hours. （u.today）

Robinhood currently holds more than 33.5 billion DOGE on behalf of investors, nearly a quarter of the total supply

Analysis based on this information:

The news report shares data from DogeWhaleAlert, which reveals that Robinhood, an encrypted transaction application, currently holds 33,562,118,379 dogcoins (DOGE). This amount represents a staggering 24.23% of the entire supply of dogcoins, valued at $2,206,373,662. The fact that Robinhood holds such a high fraction of dogcoins on behalf of investors implies that the investment app has garnered significant trust and support from its users.

Additionally, there are indications that the value of dogcoin is on the rise, along with a recovery in the overall encryption market. Over the past 24 hours at the time of writing, the value of dogcoin has increased by over 10%, reaching a range of $0.07 USD. This upward movement suggests that there is active buying activity and renewed interest in dogcoin, leading to higher prices.

The report’s data on Robinhood’s position in dogcoin holdings is impressive, further emphasizing the potential influence of the investment app in the cryptocurrency market. It also points out that Robinhood has created a sense of comfort and reliability for investors, as they trust the investment app to manage their cryptocurrency investments efficiently.

Furthermore, the report suggests that there may be more room for dogcoin prices to rise further. If the rebound in the encryption market continues, it could lead to a renewed investor interest and buying activity in dogcoin, resulting in even higher prices. This is a positive development for investors who have backed dogcoin, as higher prices translate to increased returns on investments.

In conclusion, the news report highlights Robinhood’s hold over a significant portion of the total supply of Dogecoin, and also points out the current upward trend in the price of dogcoin. Investors are optimistic about the future prospects of dogcoin, and the report suggests that there may be further room for the price of the cryptocurrency to surge. As the encryption market shows signs of renewed strength and resilience, this may bode well for cryptocurrencies like dogcoin.

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