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Dragonfly partner Omar Kanji highlighted on social media Robinhood‘s (NASDAQ:HOOD) affinity for meme coins, pointing to its balance sheet, which includes users owning Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
What Happened: Kanji shared a snippet from Robinhood's first-quarter earnings, which showed users holding more Dogecoin ($7.36 billion) than Ethereum’s ($5.63 billion). Bitcoin holdings were the highest ($10.4 billion), following positive crypto industry developments like spot ETF launches and the Bitcoin Halving.
He suggests that is why Robinhood added Dogwifhat (CRYPTO: WIF) in Europe and could add many other meme coins in the future to cater to its user base. Kanji also notes that with 28% of crypto assets on their platform allocated to DOGE, there is a “decent chance that the average HOOD user has some DOGE.”
Why It Matters: The venture capitalist addressed those criticizing people for investing in meme coins, suggesting there’s a lesson to be learned from the current asset breakdown.
Despite the volatility and risks associated with these digital assets, their appeal seems to be growing, particularly among the younger demographic that constitutes a significant portion of Robinhood’s user base. Adding more meme coins to Robinhood’s platform, as suggested by Omar, could potentially boost user engagement and trading volumes.
IntoTheBlock data indicates that despite the volatility of these meme coins, 80% of Dogecoin holders and 87% of Bitcoin holders remain in profit. Dogecoin boasts a 63% concentration by large holders, with 65% holding the meme coin for more than a year and 32% for one to 12 months. In comparison, Bitcoin’s concentration by large holders remains lower at 11%, with 69% of holders having held the crypto king for more than a year and 25% for one to 12 months.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: DOGE Is The ‘BTC Of Memes’ And These Two Meme Coins Are The ETH And A ‘Must Have,’ Trader Touts
Image: Shutterstock
