Kenneth Worthington, analyst at JPMorgan, said in a statement today that the “weak” rating on Robinhood stock remains, and the “bear” idea of Robinhood remains, due to low retail interest in Dogecoin.
The analyst cited weak Dogecoin volumes as the main reason why he thinks the leading online brokerage app is vulnerable.
DOGE accounted for 62% of the company’s crypto-related revenue in Q2. Worthington also added that unlike crypto-focused trading platforms, Robinhood has not been able to record any increase in trading volumes this month.
DOGE was able to significantly outpace its strongest competitor, the Shiba Inu, with an increase of just 15% this month. DOGE, which is in the 11th place among the 100 most valuable cryptocurrencies as of now, is trading at $ 0.249.
The fact that the interest in DOGE is decreasing day by day causes platforms such as Robinhood that lists DOGE to be given “bad” points.
Just as the topics on the agenda about DOGE have decreased, Elon Musk, who does not hesitate to frequently comment on the altcoin in question and describes himself as the father of DOGE, came to the agenda with a sensational tweet again.
In a tweet by UberFacts account about Musk, Musk’s reply “In Dogecoin” to the comment that “he is predicted to be the world’s first trillionaire thanks to SpaceX” was interpreted as implying that he will become a Dogecoin trillionaire with his earnings. This seems to have made DOGE investors highly hopeful that the famous cryptocurrency will rise again.