Dogecoin has had a busy week, with several developments having taken place in the Dogecoin ecosystem. From the news that three dormant addresses hold over 6% of the Dogecoin market cap to Dogecoin leading in revenue share on Robinhood and helping real cats and dogs in Chicago.
Let’s take a look at some of the most significant developments from the Dogecoin ecosystem during the previous week.
Three Dormant Accounts Hold 6% Of DOGE Market Cap.
Bitinfochart has revealed that the amount of DOGE held by the top three accounts is worth a staggering $2.23 Billion, which is over 6% of the total market capitalization of the meme currency. The top three dormant accounts have held this amount for a total of three years. The total amount of DOGE held by the top ten accounts is valued at a staggering $3.29 Billion, or 8.29%.
Currently, DOGE is trading at $0.32, an increase of over 13% over the last 24 hours and around 16.06% in the previous week, with its current market capitalization over $41 Billion. There has been a significant uptick in interest in DOGE. On August 16, DOGE’s trading volume reached over $8 Billion in a single day’s trading, surpassing other cryptocurrencies such as ADA.
In the past, we have seen DOGE rally in a similar fashion, making several investors millionaires overnight. The interest is also a result of news that Premier League club Watford FC will be wearing the Dogecoin logo on the club jersey, giving the cryptocurrency increased exposure to a worldwide audience.
Dogecoin Accounts For 62% Of Revenue On Robinhood
Dogecoin has maintained its hold on the top spot on Robinhood when it comes to trading activities after seeing a considerable uptick in interest since the start of the year. Robinhood saw a significant increase in its earnings report, thanks to an increase in revenue generated through crypto in Q2 2021 compared to the same quarter last year.
DOGE has remained one of Robinhood’s biggest assets, with 62% of all revenue generated through cryptocurrencies coming from Dogecoin. In Q1 of 2021, DOGE was responsible for 34% of all crypto transactions. Dogecoin has doubled that revenue in Q2 thanks to endorsements from the likes of billionaires Elon Musk and Mark Cuban.
There has been a surge in the interest in crypto on Robinhood, with a substantial number of new users going for crypto rather than making an investment in equities. CEO and Co-Founder Vlad Tenev revealed that female investors showed a lot of interest in crypto products on Robinhood, stating,
“We’re encouraged by the number of people who are accessing the financial system for the first time through Robinhood… We’re happy to expand access through products like commission-free crypto trading, which saw strong growth this quarter among women investors in particular, and IPO Access, which allows customers to invest in companies at their IPO price.”
PAWS Chicago To Accept DOGE And Other Cryptocurrencies To Support Operations
Animal rescue organization PAWS Chicago has announced that it will start accepting donations in Dogecoin, Bitcoin, and Ether to support its operations and its new hospital for dogs and cats. The organization stated that it is targeting a demographic of tech-savvy donors through a campaign that promotes crypto donations featuring a dog that is shooting lasers out of its eyes.
PAWS Chicago also plans to use the donations to help reduce the number of shelter animals that have to be euthanized. It plans to do this by spaying and neutering stray cats and dogs. PAWS Chicago has already provided over 300,000 such surgeries in its operations spanning over 25 years. CEO Susanna Homan commented,
“We are eager to connect with the growing cryptocurrency community, who can help sustain the future of animal welfare in Chicago and save animals’ lives.”
Dogecoin Millionaire To Start Investing In Cardano
Dogecoin Millionaire Glauber Contessoto has revealed that after DOGE, he is now going to start investing in Cardano. Contessoto had invested all his savings into DOGE when it was trading at around 4.5 cents. He revealed that the reasons behind his humongous investment were that he loved the Doge community on Reddit, he loved the Shiba Inu meme, and most importantly, that someone like Elon Musk was backing Doge.
Contessoto had used up all his savings and sold all of his stocks to buy DOGE and later revealed that he plans to HODL until his position on DOGE is worth $10 Million.
“My plan is, once I hit $10 million, then I’ll take out 10%,” he says. In his opinion, “this stuff is going to continue to grow.”
In a recent interview, he stated that while he will not be selling any of his DOGE, he will now be investing in ADA, using as much of his disposable income as possible to buy up the cryptocurrency.
“I’m going to start buying up as much Cardano as humanely possible with every bit of money I start making from now on. “
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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