Robinhood Holds One-Third Of Dogecoin

Cryptocurrency exchange Robinhood holds one-third of the amount of Dogecoin. 32 percent of the DOGE amount is in Robinhood wallets.

Unfortunately, DOGE, which has been experiencing tremendous rises lately, especially after Elon Musk’s tweets, and prides itself on belonging to the community, does not seem very decentralized. As Elon Musk criticizes, almost half of the amount in circulation is in the hands of two accounts. Approximately 30 billion DOGE, or 3.6 billion dollars, is in the hands of a single address. The fact that this amount, which came to about 23 percent, was in the hands of a single account was the subject of criticism. Now a second account has appeared. According to the posts on Twitter, it has been determined that the Robinhood exchange holds 42 billion DOGE in 8 addresses and 2 wallets. The amount, which corresponds to 4.8 billion dollars, is 31.7% of the total amount. Thus, around 45 percent of the circulation amount is accumulated in two legal or real persons. Of course, it is risky that the supply of cryptocurrencies is in the hands of a small group. It can cause the price to crash by pouring into the market at once. There has been no such issue so far, but it is causing investors to worry.