InstaForex

October 27, 2021

Dogecoin (DOGE) Is Not Great, A Gloomy Day For Robinhood

 The instability of cryptocurrency acceptance was really felt when financial services company, Robinhood revealed they were facing a collapse in cryptocurrency earnings for the third quarter (Q3) of 2021.


The majority stems from the cryptocurrency that has been a phenomenon before, namely Dogecoin (DOGE).


In a Q3 report published yesterday, cryptocurrency trading profits at Robinhood were down 78% to $ 51 million from a cumulative level of $ 233 million recorded in the second quarter (Q2).


Observations found that DOGE’s demand was declining, unlike its popularity in the first half of 2021 which managed to invite a dumping of new registrations at Robinhood.



Robinhood’s gains in Q2 were clearly driven by cryptocurrencies, particularly DOGE.


Overall, the company generated cumulative revenue of $ 365 million in Q3, higher than Q3 2020.


But the latest record is still down from $ 565 million in Q2, bringing the swallowed loss to $ 1.37 billion for Q3.


On the positive side, Robinhood has seen early registrations for Robinhood wallets of over 1 million customers.


Apart from that, Robinhood is also facing pressure from the Shiba Inu community urging them to list SHIB on its platform.