Robinhood is counting on Dogecoin traders as dog-themed meme coin projects pop up. While DeFi tokens have dropped in price, dog-themed cryptocurrencies SHIB, DOGE, and AKITA have made a comeback. Historically, a memecoin rally is an indicator of an overheated market and signals an impending leverage drop. Dogecoin single-handedly earned higher revenue than all stocks (including options) in the second quarter of 2021 on the zero-fee Robinhood exchange. The Shiba Inu has soared to record highs with rumors that Robinhood is listing it. Details cryptocoin.com‘in.
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The rise in dog-themed cryptocurrency prices in the ongoing bull run has contributed to the increase in overall crypto market capitalization. Analysts expect DOGE, SHIB and AKITA prices to rise further with updates on their ecosystems and social dominance. Dogecoin boosts Robinhood’s crypto revenue, according to JPMorgan analysts
Analysts at JPMorgan Chase have determined that Dogecoin is the only cryptocurrency to increase revenues on commission-free exchange Robinhood. In the second quarter of 2021, revenue from DOGE transactions exceeded revenue from equities.
Interestingly, there was a shift in the third quarter when revenue based on crypto transactions fell from $233 million to $51 million. Analysts observed that DOGE accounted for 61% of crypto transaction revenue in the second quarter on the commission-free Robinhood exchange. Crypto advocates have observed that Robinhood’s crypto revenue is primarily driven by DOGE trading volume. Cryptocurrency analyst alias @HsakaTrades recently tweeted:
What does the Memecoin rally indicate?
Analysts note that dog-themed cryptocurrencies DOGE, SHIB, and AKITA have been rounded up. Historically, a memecoin rally signals a drop in overall market capitalization, signaling an impending leverage of the crypto market. Delphi Digital, a leading crypto research firm, noted that dog-themed cryptocurrencies are a good indicator of a historically overheated market. Several times in 2021, in April and September 2021, DOGE, SHIB, and AKITA prices rose before the crypto market was deeply leveraged.
The Shiba Inu token, popularly known as the Dogecoin killer, has recently reached an all-time high in a rumor that Robinhood is listing the memecoin. Robinhood’s main competitor, Public.com, has listed SHIB, and Shiba Inu token holders continue to petition for a zero-fee exchange to list the cryptocurrency. The Change.org petition to list SHIB on Robinhood broke a new record by surpassing 300,000 signatures. Analysts evaluated the DOGE price trend and noted that Dogecoin was lagging in price. Analysts are waiting for DOGE price to break.
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