Dogecoin, the popular meme-inspired cryptocurrency, has been making headlines lately with Tesla CEO Elon Musk’s move to change the Twitter icon from bird to dog.
To create more excitement, a recent report reveals that Robinhood, a leading trading platform, is holding a significant amount of Dogecoin on behalf of its investors.
According to Dogecoin Whale Alert, the current total combined amount of DOGE held by Robinhood on behalf of its investors is a staggering 33,562,118,437, equivalent to $2,770,888,498. It represents approximately 24.17% of the circulating supply of Dogecoin.
The Dogecoin held by Robinhood belongs to its retail investors, and the platform consolidates their holdings into a single address. Robinhood’s main wallet, 3334959, contains 8 known addresses.
Meanwhile, their second wallet, 1699275, contains multiple addresses with a combined balance of just 927 Dogecoin as of February 2023.
Despite its recent popularity, DOGE has faced criticism from some who claim that it has an unlimited supply. However, Dogecoin Whale Alert reports that this is not the case.
Dogecoin has a fixed rate of issuance, or the inflation rate, and is designed to issue 5 billion additional coins yearly. It allows the total circulating supply to grow by 100 billion coins every 20 years.
Currently, there are 138,853,116,383 Dogecoins in circulation with a low inflation rate, making it an ideal cryptocurrency for everyday transactions. In 2015, the circulating supply was 100 billion, with a 5.00% inflation rate.
It is projected that by 2035, the total supply will increase to 200 billion with a 2.56% inflation rate. By 2055, the total supply will be 300 billion with a 1.69% inflation rate; by 2075, the total supply will reach 400 billion with a 1.27% inflation rate.
Nevertheless, the recent news about Robinhood’s significant Dogecoin holdings indicates a growing interest in this cryptocurrency.
Elon Musk’s Move Impact On Dogecoin Price & Whale Holdings
Cryptocurrency enthusiasts were surprised by the effect of a tweet from Elon Musk on the price of DOGE a few days ago, as reported by Lookonchain, a crypto tracking platform.
On April 4th, Musk changed his Twitter profile picture to that of a dog, and within hours, the price of DOGE increased by around 30%. However, on April 7th, Musk changed his profile picture back to its previous state, and the price of DOGE decreased by approximately 6%.
During this period, two of the top five DOGE holders, “DDuX” and “D8ZE,” reduced their holdings by about 1.4 billion DOGE, worth roughly $121 million.
It’s unclear if these addresses are related to Musk, but his social media presence undoubtedly significantly impacts the cryptocurrency market.
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