Just One Wallet Owns Close to $10 Billion Worth of Dogecoin (DOGE)

Dogecoin Concentration on Robinhood

Analyst Conor Grogan has revealed that a single Robinhood wallet holds a staggering $9.3 billion worth of Dogecoin (DOGE).

This hefty investment highlights the enduring popularity of Dogecoin among Robinhood users. In 2021, DOGE became a cornerstone of the platform's revenue, thanks to social media attention from Elon Musk and others. The subsequent speculative frenzy led Robinhood to temporarily restrict cryptocurrency trading.

Robinhood has since expanded its support to include other meme coins, such as Shiba Inu (SHIB) and Floki (WIF).

The Largest Dogecoin Holder

Robinhood wallets collectively hold approximately one-third of Dogecoin's circulating supply. While it's unlikely that a single individual controls the largest wallet, there is the possibility of a major holder behind it.

In 2022, blockchain analytics platform Lookonchain suggested that Elon Musk may be the largest Dogecoin holder based on his social media activity. This would make him the predominant market maker for DOGE. Musk has confirmed holding the cryptocurrency, but the exact amount he possesses remains unknown.

Recent Market Trends

DOGE's price has remained largely stagnant over the past year following a significant surge in the fourth quarter of 2024. It currently trades at $0.316.