Robinhood finally got the message from Elon Musk and the Dogecoin community. This is a huge victory for Dogecoin & Elon Musk.
In a twist of event, Robinhood will allow its users to deposit and withdraw Dogecoin. It makes sense as they are indirectly complying with Musk’s ultimatum without making it too obvious. What we are seeing here is a huge victory for Dogecoin & Elon Musk.
Have you been waiting to get your hands on more Dogecoin? We have good news for you. In a tweet, Robinhood Markets, Inc announced that their users would be able to deposit & withdraw Bitcoin and Dogecoin again.
In a series of tweets, the popular zero brokerage fee trader said that they are working to offer deposits and withdrawals on all supported cryptocurrencies on Robinhood.
Why is it a Big Deal?
It is a big deal because, as of now, Robinhood does not allow users to send their cryptocurrencies to external wallets. They only allow users to buy, sell, and hold cryptocurrencies.
Last month, Robinhood had to face a lot of heat when they paused Instant deposits for trading cryptocurrencies as DOGE’s prices shot up by 800%. In addition to this, they had also shut down the purchase of stocks like AMC Entertainment Holdings Inc and GameStop Corporation as their stock prices jumped to an astounding rate, fueled by a Reddit group of small retail investors.
Additionally, Elon Musk, Tesla & SpaceX founder, agreed that Robinhood could be the owner of the address holding the 28% share of DOGE in circulation. Musk is a huge supporter of DOGE, and he gave one ultimatum to Dogecoin whales some days back. He tweeted that the DOGE whales should shed most of their Dogecoin holdings, and only then, Musk will support DOGE to become the currency of the internet.
It seems that Musk was correct in his assessment that Robinhood is the owner of the largest Dogecoin wallet. They are now adding the deposit and withdraw option after Musk’s ultimatum. Soon, their share will be down to less than 5%, if users start withdrawing Dogecoins from Robinhood. It is a big win for Elon Musk and the Dogecoin community.
With Robinhood allowing their users to withdraw and deposit DOGE, we will likely see a large number of users starting to trade DOGE, and the prices will shoot up again. If Musk keeps his promise of taking it on himself to make DOGE the currency of the internet, Dogecoin will be on its way to the moon, or perhaps mars!