Dogecoin Value, Investment Today: Robinhood Reveals Major Doge Risk After Price Boost
Robinhood on Thursday said in its IPO filing that its fortunes are largely dependent on the value of Dogecoin, which accounts for 34 percent of its cryptocurrency revenue.
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Commission-free stock trading service Robinhood Markets, Inc. cautioned investors Thursday that its business would deteriorate if the value of the meme-based cryptocurrency Dogecoin plummets.
In its filing for its Initial Public Offering (IPO), Robinhood said Dogecoin accounted for 34 percent of its cryptocurrency transaction-based revenue in the first quarter of 2021. It rose from four percent in the last quarter of 2020, CNBC reported.