DOGECOIN NEWS FROM ROBINHOOD – WARNING FOR WALLETS!
Dogecoin price is currently trading just over 27 cents after slipping by almost 5 percent, and it appears that DOGE bulls have taken a pause during the previous 36 hours as the price enters an upside consultative mode after Thursday’s tremendous lead to four month high of 35 cents.
Dogecoin’s share of Robinhood’s crypto transaction revenue has dropped
A major update from Robinhood came out for Dogecoin today. This could have huge implications on Robinhood’s DOGE wallets, too. So Robinhood has recently revealed that Dogecoin transactions accounted for 40 percent of its crypto transaction revenue. Now this is crucial because this was down significantly from 62 percent in the three months ending June 30. This has a few implications.
We heard Robinhood say in a previous update that its future is basically dependent on Dogecoin’s success. Now that Dogecoin’s share of Robinhood’s crypto transaction revenue has dropped, things are looking pretty bad for Robinhood.
I’m not too concerned about Dogecoin because of all the things that are coming for it this year. There’s the Ethereum DOGE Bridge, DOGE Labs and DOGE-1 mission. And then Elon is tweeting about it every single week, but I’m quite concerned about Robinhood because of this.
If people are choosing to buy DOGE at Robinhood, it’s overall crypto transaction revenue is bound to fall, and this could be a bad for Robinhood in the long run, which also implies a delay in the Dogecoin wallets we’ve been talking about.