InstaForex

August 19, 2021

Dogecoin (DOGE) Makes Robinhood Not Happy To Sit

 Financial services firm Robinhood revealed profits for the second quarter of 2021 were a fortune as a result of crypto trading.


Since the initial public offering last July, crypto trading has accounted for 41% of the cumulative revenue received, $ 233 million, up 17% from the first quarter.


While of that amount, 62% of crypto profits are derived from Dogecoin (DOGE). Earlier in the first quarter, the record was only 34%.



This shows that compared to Ethereum (ETH) and Bitcoin (BTC) which are also listed on the Robinhood platform, it is less popular, unlike DOGE.


Luckily not in the form of luck, Robinhood described the large contribution of profits from DOGE trading as very risky for the future of the firm's earnings:


"If transaction demand in Dogecoin declines and is not replaced by new demand for other cryptocurrencies, the firm's business, financial situation, and operating results will be severely affected."


At the time of writing, Robinhood’s stock value is up over 6% to $ 49.80. While DOGE traded at $ 0.2, up almost 3% in 24 hours.