JPMorgan has issued a bear market warning about Dogecoin and Robinhood. JPMorgan’s analyst remains bearish on Robinhood due to low individual interest in Dogecoin. Details cryptocoin.com‘in.
Low individual interest in Dogecoin (DOGE)
JPMorgan maintained its “low weight” rating on Robinhood stock, adhering to its $35 price target. In a note on Friday, analyst Kenneth Worthington cites weak Dogecoin volumes as the main reason he thinks the leading online brokerage practice is vulnerable. According to the information received, the meme cryptocurrency accounted for 62% of the firm’s crypto-related revenue in Q2. Worthington writes that unlike crypto-focused trading platforms, Robinhood did not record a surge in trading volumes this October: “While 3Q21 volumes remained strong, they slowed significantly from 2Q21 levels.”
Dogecoin is outperforming its canine rival, the Shiba Inu, with only a modest 15% gain this month. Yesterday, Robinhood CEO Vladimir Tenev eluded a question about the listing of SHIB amid widespread speculation on social media. In late September, Worthington also wrote that the company’s shares could experience significant selling pressure after the December 1 lockdown period expires. More than half a million shares will be unlocked that day. Robinhood will announce its third-quarter earnings on October 26.
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