As analyst Conor Grogan pointed out, there's only one Robinhood wallet He owns $9.3 billion worth of Dogecoin (DOGE).

The original cryptocurrency, which currently has a market capitalization of $46 billion, has long been a favorite of Robinhood users.

Going back to 2021, Dogecoin emerged as the platform's bread and butter, accounting for a significant portion of its revenue.

The meme currency has seen a massive rise due to ongoing social media attention from billionaire Elon Musk and other prominent figures.

The crazy speculative frenzy prompted Robinhood to do just that for a brief period restricts Trading cryptocurrencies at that 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 dogwifahat (WIF).

Who is the largest holder of Dogecoin?

Overall, Robinhood wallets hold roughly a third of the total circulating supply of Dogecoin.

It is possible that one person is behind the largest Dogecoin wallet although this does not seem likely.

In 2022, the Lookonchain blockchain analytics platform will be launched Suggested That the largest holder of Dogecoin was none other than Elon Musk based on the strange 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 not clear how many tokens the Tesla CEO actually owns.

The price of DOGE has been mostly stagnant over the past year after seeing a massive rally in the fourth quarter. It is currently trading at $0.316.