On Friday, Robinhood exchange released its quarterly revenue filing with the United States Securities and Exchange (SEC). It was seen that over 40% of the total cryptocurrency transaction revenue generated on the platform was due to Dogecoin-related transactions. However, this seems to be bad news for the token as the magic effect of the meme coin is fading.
In the second quarter of the year 2021, Robinhood reported that over 62% of the total cryptocurrency transaction revenue generated on the platform was Dogecoin-related. This presents a drop of around 22% from the previous, and it seems that the Dogecoin frenzy has died down.
The Elon Musk-backed cryptocurrency had achieved a strong following on Robinhood, as in the quarter ending March 2021, the revenue from Dogecoin-related transactions was around 74%. A drop of 34% from Q1 and 22% from Q2 indicates that by the end of the year, Dogecoin fans will reduce in number.
Robinhood’s revenue for the third quarter
The Q3 revenue for the platform totaled $267 million, and of that, only $51 million were a result of cryptocurrency transactions on the platform. Compared to the second quarter, this is a drastic fall. The revenue from crypto trading last quarter amounted to $233 million.
Robinhood added in its statement,
“While we currently support seven cryptocurrencies for trading, market interest in particular cryptocurrencies can be volatile, and there are many cryptocurrencies in the market that we do not support.”
However, a petition to list Shiba Inu (SHIB) on Robinhood on Change.org has got more than 432k signatures, making it clear that SHIB’s popularity has subdued Dogecoin. Recently, we also saw that Shiba Inu entered the top 10 cryptocurrencies in the market, defeating Dogecoin and occupying the 9th position in the market.
For the last 30 days, DOGE went up by 31.7%, rising by 7.2% in the past 7 days. However, Shiba Inu rose by 818.5% in the last 30 days, rising by 157.7% in the past 7 days. On the other hand, other meme tokens have also been rising steadily, breaking all the barriers.