Trading platform Robinhood has reported that 40% of its cryptocurrency transaction-based revenue was attributable to transactions in the meme cryptocurrency dogecoin in the third quarter. In comparison, dogecoin accounted for 62% of the company’s transaction-based revenue in the second quarter.
Dogecoin Trading on Robinhood
Robinhood Markets Inc. stated in its quarterly filing with the U.S. Securities and Exchange Commission (SEC) Friday:
For the three months ended September 30, 2021, 40% of our income based on cryptocurrency transactions was attributable to dogecoin transactions.
This was a significant decrease from 62% for the three months ended June 30, and 34% for the three months ended March 31.
Robinhood’s transaction-based revenue in the third quarter totaled $ 267 million, of which only $ 51 million came from cryptocurrency trading. Revenue from crypto trading totaled $233 million in the second quarter.
The company’s third quarter record further states: “For the quarters ended September 30, 2021, June 30, 2021 and March 31, 2021, transaction-based revenue attributable to dogecoin transactions was approximately 8%, 32% and 7% of our total net income, respectively.
Robinhood explained, “We support trading in dogecoin and we benefited from a surge in interest for dogecoin during the quarter ended June 30, 2021,” adding:
While we currently support seven cryptocurrencies for trading, the market interest in particular cryptocurrencies can be volatile and there are many cryptocurrencies in the market that we do not support.
DOGE was down about 9% in the past 24 hours, but up 7% in the last seven days and 32% in the last 30 days.
Currently, supporters of DOGE rival shiba inu are asking on Change.org that Robinhood lists SHIB. At the time of writing, over 432,000 signatures have been collected. “Dogecoin has been a huge success for Robinhood, and its investors. We have all enjoyed the ride. Shiba Inu is a similar coin with real potential, up 2,000% in recent weeks, ”the petition states.
