Robinhood today is considered to be one of the most successful trading platforms both for stocks and even more for cryptocurrencies. Although the platform had been around since 2013, yet it did not gain much attention and public eye until the end of 2020.

This was the time when the cryptocurrency industry had started blossoming. Almost every mainstream institution was trying to get its hands on cryptocurrencies. Among all other cryptocurrencies, investors were attracted more towards Bitcoin (BTC) and Ether (ETH).

This is the reason why both the cryptocurrency assets gained tremendous growth and mainstream adoption starting from December of 2020. Since then, both digital assets have gained tremendous mainstream adoption and it is constantly growing bigger to this day.

Therefore, Robinhood was also gaining a lot because of the two digital assets as it was also supporting their trades. However, as the year 2021 began and Dogecoin (DOGE) came into the picture, things went on a completely different level for Robinhood.

As DOGE, a meme coin continued recording tremendous rallies from the investors, Robinhood continued gaining from it as it had adopted it for trades. Until the second quarter of 2021, Robinhood continued with its high trend of investments in DOGE. As a result, Robinhood recorded record-high revenue for its cryptocurrency class assets.

Among the rest of the cryptocurrency assets that added to Robinhood’s revenue until the end of the second quarter of 2021, DOGE was apparently at the top. It had gained tremendous growth and had become quite controversial as well and dragged Robinhood into it. Despite all the chaos, it was clear that a huge chunk of Robinhood’s crypto-revenue until the second quarter of 2021, came from DOGE.

Unfortunately, DOGE has not been able to maintain its market price and value, and this can prove problematic for Robinhood’s future crypto-revenue forecasts.

The analysts at Robinhood themselves have admitted that a large portion of the trading platform’s crypto-revenue was due to DOGE.

Now that the meme coin is no longer close to its glory and is hardly considered a profitable trade, Robinhood is bound to feel its impact in the Q3 of 2021.

Steven Chubak, an analyst from the Wolfe Research firm shared his analysis on Robinhood’s crypto-performance. He stated that there is no doubt in saying that Robinhood had observed tremendous growth and revenue generation from cryptocurrency participation.

Unfortunately, DOGE had a huge role to play in that and its current market presence is almost close to nothing. According to Chubak, this could heavily impact the revenue Robinhood would generate in the third quarter of 2021.

The analyst has revealed 78% decline in DOGE’s trading volume has been observed on Robinhood in the third quarter of 2021. The 78% drop has been recorded for DOGE as compared to the trading volume observed in the second quarter of 2021. This means that Robinhood is definitely going to take a huge hit to its revenue.