Trading platform Robinhood has actually reported that 40% of its cryptocurrency transaction-based profits was attributable to deals in the meme cryptocurrency dogecoin in the 3rd quarter. By contrast, dogecoin represented 62% of the business’s transaction-based profits in the 2nd quarter.
Dogecoin Trading on Robinhood
Robinhood Markets Inc. specified in its quarterly filing with the U.S. Securities and Exchange Commission (SEC) Friday:
For the 3 months ended September 30, 2021, 40% of our cryptocurrency transaction-based profits was attributable to deals in dogecoin.
This was a substantial decline from 62% for the 3 months ended June 30, and 34% for the 3 months ended March 31.
Robinhood’s third-quarter transaction-based profits amounted to $267 million, with just $51 million originating from cryptocurrency trading. Revenue from crypto trading amounted to $233 million in the 2nd quarter.
The business’s Q3 filing more notes: “For the quarters ended September 30, 2021, June 30, 2021, and March 31, 2021, transaction-based revenue attributable to transactions in dogecoin comprised approximately 8%, 32%, and 7% of our total net revenues, respectively.”
Robinhood discussed, “We support trading in dogecoin and we benefited from a surge in interest for dogecoin during the quarter ended June 30, 2021,” including:
While we presently support 7 cryptocurrencies for trading, market interest in specific cryptocurrencies can be unpredictable and there are lots of cryptocurrencies in the market that we do not support.
DOGE was down about 9% in the previous 24 hr, however up 7% in the last 7 days and 32% in the last thirty days.
Currently, advocates of DOGE competing shiba inu are petitioning on Change.org for Robinhood to note SHIB. At the time of composing, more than 432K signatures have actually been gathered. “Dogecoin has been a huge success for Robinhood, and its investors. We have all enjoyed the ride. Shiba Inu is a similar meme coin with genuine potential, up 2,000% in the last weeks,” the petition states.
What do you consider dogecoin accounting for 40% of Robinhood’s transaction-based profits? Let us understand in the remarks area listed below.
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