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This Is How Robinhood Can Save Dogecoin
After a tumultuous week in the world of Dogecoin, we seem to have made a major breakthrough.
The mystery identity behind the Dogecoin GigaWhale wallet known as DH5 has been solved to near certainty, and the implications are staggering.
Behind the curtain of DH5, the wallet that contains 28% of all the Dogecoin in circulation, likely lies Robinhood, weakened in reputation and hungry for redemption.
Robinhood has returned to the fiscal stage, and its role in the Dogecoin Drama is just beginning.
Let’s take look at why Robinhood may be the hero that Dogecoin needs right now.
Taking down the GigaWhale
Dogecoin has a wealth centralization problem, with one Doge wallet known as DH5 containing 28% of all the Dogecoin in circulation.
According to Elon, this is a "disturbing concentration", as it gives the wallet-holder too much power over Dogecoin's destiny.
Think, "Too big to fail."
Even Elon has acknowledged Robinhood's likely identity as the GigaWhale:
This is big news for Dogecoin.
It shows that its coins are more diversified than we thought.
The coins in the DH5 wallet don't belong to a single individual, they belong to a diverse group of retail investors who purchased their Dogecoin through Robinhood.
This means that the only thing preventing Dogecoin from being legitimized as the potential future currency of the internet is Robinhood's centralized control of the coins.
The GigaWhale has been exposed, and all eyes are now on Robinhood.
Robinhood has the keys to the Dogecoin coffers
A popular cryptocurrency maxim is: "Not your keys, not your coins."
A cryptocurrency wallet key gives its owner access to their coins, bypassing the need for banks and allowing folks to store, spend, and exchange their crypto across the web.
If you don't own the private keys to your cryptocurrency, then that means that some other entity, like Robinhood, has control of your coins.
Robinhood has likely been shuffling the Dogecoin purchased on their platform into the cold wallet known as DH5, putting Robinhood in control of a huge portion of the Dogecoin in circulation.
You can buy and sell Dogecoin on Robinhood, but you can't spend it, which is how Doge is intended to be used.
Robinhood Crypto currently doesn't give their customers the option to withdraw their crypto, but we have newfound reason to believe that that might change.
To the chagrin of retail investors everywhere, Robinhood has returned for another act in the fiscal drama of the century.
This time, they have a chance to play hero instead of villain, with a redemption arc that could launch Dogecoin, and perhaps Robinhood's reputation, to the forefront of this monetary saga.
Robinhood has just teased, using Dogecoin lingo, that they are in the process of "building deposits and withdrawals for ALL listed cryptocurrencies."
This is huge.
The implications of this could catapult Dogecoin to the moon.
Robinhood is saying that they are actively working on a way to give their customers the option to withdraw their Dogecoin to their own private keys.
This would break the floodgates of DH5, giving folks possession of their own money.
The People's Coin would be in the hands of the people, breaking Robinhood's centralized control of Dogecoin and allowing the coin to be used for digital commerce across the web.
Robinhood has a lot to gain from this move, and they wouldn't tease the proposal unless it was practical.
Furthermore, their move would essentially fulfill Elon's request that the whales dilute their coffers in order for Dogecoin to get his "full support."
Robinhood is in the spotlight, and how they play their cards could cement their legacy for years to come.
Dogecoin cleared for takeoff
Unleashing Dogecoin from the throttles of Robinhood's centralization would endow the coin with new life.
There's no telling how long it could take for Robinhood to allow deposits and withdrawals for their customers, but they're likely taking the initiative seriously, as it enables them to potentially redeem their brand's reputation after they botched it from halting trading for GameStop and other securities.
With the People's Coin back in the hands of the people, Dogecoin may be cleared for takeoff.
Robinhood has a chance to save Dogecoin, but we may be naïve to trust them.
In any case, the Dogecoin Saga is just beginning, with Dogecoin having a potentially cleared trajectory to new highs.
With Robinhood entering the stage and playing their part right, Dogecoin's moon-shot may not be far away.
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Disclaimer: This is not financial advice and I am not a financial advisor. The article above references an opinion for entertainment purposes only and it is not investment advice. Do your own research and consult with a licensed financial adviser before making any investment decision. Do not treat any opinion expressed in this newsletter as a specific inducement to make a particular investment. Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or cryptocurrency or to engage in any particular investment strategy. The information provided is not warranted as to completeness or accuracy and is subject to change without notice. The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, are not guaranteed for accuracy or completeness, do not reflect actual investment results and are not guarantees of future results. All investments involve risk, losses may exceed the principal invested, and the past performance of a security, industry, sector, market, cryptocurrency, or financial product does not guarantee future results or returns. Dogecoin is a speculative and highly volatile asset susceptible to pump-and-dump schemes.
Disclosure: I currently own some Dogecoin and Bitcoin. At the time of posting, Dogecoin is around $0.054 per coin.