Dogecoin Network Dominated as Robinhood Gains Control of 24% of All DOGE Tokens
Mobile trading platform Robinhood has become the world’s largest holder of Dogecoin, with 33.5 billion of the tokens, worth around $2.5bn – equivalent to 24.25% of circulating supply. The company is reportedly not accumulating the cryptocurrency, but is simply holding funds deposited by its users. Analysts believe Robinhood’s holdings could propel the volatile cryptocurrency’s price upwards. Dogecoin has a descending triangle chart pattern, categorised by lower highs and horizontal supporting levels, which has been ongoing for several months. Observers say it could provoke a spike in volatility.
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