Dogecoin

Arthur

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According to a recent update from Whale Alert, nearly $13 million worth of Dogecoin (DOGE) has been&nbsp;<a href="https://x.com/whale_alert/status/1802534057147814034" rel="noopener noreferrer nofollow">transferred</a> from an unknown wallet to the commission-free investing app Robinhood.&nbsp;&nbsp;&nbsp;&nbsp;
This is the first major DOGE transfer to the platform recorded by Whale Alert since June 5. Back then, a whopping $32.6 million worth of DOGE was transferred to the platform.&nbsp;
According to Robinhood's Q1 report, Robinhood users hold a whopping $7.36 billion of DOGE. It's the second-most popular cryptocurrency on the platform (behind only Bitcoin).&nbsp;
Beth Kindig, the lead tech analyst at the I/O Fund, recently noted that Robinhood has a high concentration risk in Dogecoin for cryptocurrency trading volume. "April and May’s MoM declines in trading volumes are correlating to decreased volatility and volume for $DOGE," she&nbsp;<a href="https://x.com/Beth_Kindig/status/1801417700473700817" rel="noopener noreferrer nofollow">wrote</a>.&nbsp;&nbsp;
<h2 id="a-dogecoin-etf">A Dogecoin ETF?&nbsp;</h2>
During a recent interview, former BitMEX CEO Arthur Hayes predicted that a Dogecoin exchange-traded fund (ETF) could appear by the end of this market cycle.&nbsp;
Hayes described meme coins as the "luxury brand" of the cryptocurrency industry.&nbsp;
His prediction is based on the fact that it is the oldest meme coin with a high market cap. Dogecoin gained mainstream prominence shortly after being launched in December 2013 before exploding in popularity in early 2021.&nbsp;
The controversial entrepreneur has also pointed to the fact that Dogecoin has now been listed on Robinhood for years.&nbsp;&nbsp;
As&nbsp;<a href="https://u.today/dogecoin-etf-heres-what-doge-creator-really-thinks" rel="noopener noreferrer nofollow">reported by U.Today</a>, Dogecoin co-founder Billy Markus recently downplayed DOGE ETF rumors last month, arguing that the launch of such a product did not seem likely to him.&nbsp;

Robinhood Records Large Dogecoin Transfer

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