Robinhood Trading App Adds Dogecoin (DOGE) Support

On Monday, July 16 U.S based stock trading app, Robinhood announced that it has added support for Dogecoin (DOGE).


On Monday, July 16 U.S based stock trading app, Robinhood announced that it has added support for Dogecoin (DOGE).

DOGE can now be traded on the commission-free cryptocurrency trading mobile app. This announcement comes just days after the fintech listed two alternative cryptocurrencies Litecoin (LTC) and Bitcoin Cash (BCH).

The announcement makes Dogecoin the fifth digital asset available for trade on the Robinhood platform.

Prior to this listing, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) were the only cryptocurrencies available on the digital brokerage platform.

Although Robinhood may support only 5 digital assets for trading on its platform, it gives users the option to add different crypto assets to a watch list on their profile, as it supports real-time market data for a wider range of digital assets.

Using this feature, users can add up to 11 extra cryptocurrencies on their watch list.

Robinhood is looking to expand its offerings

Robinhood is still a growing exchange platform which is available in only 17 states. The organization has been working on gaining supports on a state by state basis.

Recently, it was reported by Bloomberg that Robinhood has been engaging in discussions with regulatory bodies to acquire a national banking charter.

According to Bloomberg’s report, in addition to being a cryptocurrency exchange platform, Robinhood wants to offer services like saving accounts and beat out the competition of traditional banks with better interest rates and a one-stop for all financial service.

The company has also confirmed its intentions to announce support for other cryptocurrencies in the near future.

Dogecoin (DOGE) Soars

Before the listing on Monday, the crypto market had already started the ongoing market recovery.

The listing served as an extra boost for DOGE which quickly made its way into the list of most profitable cryptocurrencies in the preceding hours.

Within the first 24 hours of the Robinhood listing, DOGE had spiked more than 20%. Today is not any different for Dogecoin as the asset maintains a growth of 12.43% over the last 24 hours.

As at the time of this writing, DOGE has a trading value of $0.00382, its highest in the last 35 days.

Since its Robinhood listing, the market cap of Dogecoin has grown by more than 35%. As a result, Dogecoin is now ranked as the 38th largest cryptocurrency with a market capitalization of USD 440.75 million.

Dogecoin Experiences a Revival

While the price spike is the most sung about Dogecoin achievement in the last 3 days, Dogecoin is experiencing a revival in its trading volumes.

Before the listing, Dogecoin recorded daily trade – exchange volumes of around $4-6 million.

Over the last 24 hours, Dogecoin has been used for exchanges and trades worth $15 million.

The last time Dogecoin recorded trade volumes above $10 million was 2 months ago. Robinhood’s listing of Dogecoin has helped the coin spike and also re-injected life into DOGE.

Leave A Reply

Your email address will not be published.