As analyst Conor Grogan noted, a single Robinhood wallet possessed $9.3 billion worth of Dogecoin (DOGE).
The original cryptocurrency, which currently has a market capitalization of $46 billion, has long been a darling of Robinhood users.
In 2021, Dogecoin has become the platform’s bread and butter, accounting for a significant portion of its revenue.
The meme coin has seen a massive rally due to the constant attention of billionaire Elon Musk and other prominent figures on social media.
The insane speculative frenzy prompted Robinhood to briefly restrict cryptocurrency trading at the time.
In late 2024, Robinhood also began supporting Dogecoin transfers in the EU.
After listing Dogecoin in 2018, Robinhood has since opened its doors to other competing meme coins such as Shiba Inu (SHIB) and dogwifhat (WIF).
Who is the largest holder of Dogecoin?
Overall, Robinhood wallets own approximately one-third of the total circulating supply of Dogecoin.
It is possible that a single person is behind the largest Dogecoin wallet, although this seems unlikely.
In 2022, the Lookonchain blockchain analysis platform suggested that the largest holder of Dogecoin was none other than Elon Musk, based on the particular timing of his social media post.
This would make the billionaire the largest Dogecoin market maker.
Musk previously confirmed that he was a DOGE holder. However, it is unclear how many tokens the Tesla CEO actually owns.
DOGE price has generally stagnated over the past year after experiencing a massive rally in the fourth quarter. It is currently trading at $0.316.