Analyst warns investors: Robinhood is too dependent on Dogecoin
After the popular trading app Robinhood recently revealed that a large part of its cryptocurrency trading sales in the second quarter were generated by the “joke cryptocurrency” Dogecoin (DOGE), a financial expert is sounding the alarm.
Steven Cubak from Wolfe Research first states that “Robinhood’s growth in the crypto industry is absolutely astonishing”, but the “disproportionately large” part that Dogecoin accounts for cannot simply be ignored.
As reported, the current quarterly report for Q2 shows that trading in cryptocurrencies at Robinhood now accounts for 41% of total sales. Accordingly, the platform was able to raise $ 233 million through the crypto business in Q2 2021 alone, which is an increase of $ 5 million compared to all of 2020.
Read on on Cointelegraph
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