Image Source: The Economics Times

Doge made up for 40% of Robinhood’s crypto revenue in Q3

Robinhood’s crypto revenue has fallen drastically from Q2 to Q3. This happened due to the market crash and the declining popularity of Doge. Robinhood did mention before that their revenue is heavily dependent on Dogecoin, and if the popularity drops, so will their revenue. But the interesting and kind of the alarming point here is that even after a massive dip in Q3, Dogecoin accounted for 40% of RobinHood’s total crypto revenue. If we compare this to the 2nd quarter, at the time, it was 62%.

Robinhood’s crypto revenue

Robinhood is seeing a continuous drop in their revenue quarter after quarter. This shows that the exchange is not doing so well. If you think about it, then the actions of the company haven’t been much in favor of the public, and this shows. Plus, their increased dependency on meme stocks and coins for their revenue has proven to be a big problem for the company.

Robinhood IPO

As the popularity of these coins or stocks goes down, we can see that the company starts to see declining revenue trends. In fact, 32% of their total revenue in Q2, 2021 was attributed to Dogecoin, but for Q3, the same number was fixed at 7%. Another problem that I think that Robinhood is facing is the limited support for crypto on its platform. At present, they have support for only 7, which is a really small number.

Can shib turn around Robinhood’s crypto revenue?

As we are seeing a declining trend of revenue on the Robinhood platform, it seems like there is a need for change. They need some other coin that can replace Dogecoin to be their main source of crypto revenue. After the recent price jump of Shiba Inu, a petition was started to list the token on Robinhood. And it has already gained 432k signatures, which is a pretty big number.

I think Shiba Inu’s popularity has the capability to turn around Robinhood’s crypto revenue. So, it will be a wise decision if they list it on their platform. And I actually think they will do it.

What are your thoughts on the declining trend of Robinhood’s crypto revenue? And do you think that this will change if they list Shiba Inu? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Dogelon mars gains 4000% in October alone.