- While DeFi tokens are suffering a drop in prices, dog-themed cryptocurrencies SHIB, DOGE, and AKITA have made a comeback.
- Historically, a memecoin rally is an indication of an overheated market, signaling upcoming de-leveraging.
- Dogecoin alone drove higher revenue than all stocks (including options) in Q2 2021 on zero-commission exchange Robinhood.
- Shiba Inu surged to record highs as rumors of Robinhood listing gathered steam.
- A petition to list SHIB on the exchange gathered 300,000 signatures.
The spike in dog-themed cryptocurrency prices in the ongoing bull run has contributed to a rise in overall crypto market capitalization. Analysts expect the DOGE, SHIB, and AKITA prices to climb higher with the updates in their ecosystem and social dominance.
Dogecoin drives Robinhood’s crypto revenue, according to JPMorgan analysts
Analysts at JPMorgan Chase have identified that Dogecoin is the only cryptocurrency driving commission-free exchange Robinhood’s revenues higher. In Q2 of 2021, revenue from DOGE trading exceeded revenue from stocks and equities.
Interestingly, there was a shift in Q3 when crypto transaction-based revenue plunged from $233 million to $51 million. Analysts observed that DOGE accounted for 61% of the crypto-transaction revenue in Q2, on the commission-free exchange Robinhood.
Crypto proponents have observed that Robinhood’s crypto revenue is primarily driven by DOGE trade volume. Pseudonymous cryptocurrency analyst @HsakaTrades recently tweeted:
Robinhood never had “crypto” revenue, they had dogecoin revenue.
This chart makes a lot more sense when you view it through that lens and consider how SHIB regularly does magnitudes more volume than DOGE. pic.twitter.com/F1bzItjsvf
— Hsaka (@HsakaTrades) October 26, 2021
Analysts note that dog-themed cryptocurrencies DOGE, SHIB and AKITA are rallying. Historically, a memecoin rally signals an upcoming deleveraging of the crypto market, implying a drop in overall market capitalization.
Delphi Digital, a leading crypto research firm, noted that dog-themed cryptocurrencies are historically a good indicator of an overheated market.
A few times in 2021, in April and September 2021, DOGE, SHIB and AKITA prices rallied, prior to a deep de-leveraging of the crypto market.
4/ Dog coins are mooning again, which has historically been a pretty good indication of an overheated market.
Both from Apr. – May. this year and in early Sept., dog coins were all the rage and quickly cratered as crypto markets cooled off or saw a fairly deep de-leveraging. pic.twitter.com/3RpodnFLiT
— Delphi Digital (@Delphi_Digital) October 25, 2021
Shiba Inu token, popularly known as Dogecoin-killer, recently hit a new all-time high as a rumor of Robinhood listing the memecoin did the rounds. Robinhood’s key competitor Public.com listed SHIB, and Shiba Inu token holders continue petitioning for the zero-commission exchange to list the cryptocurrency.
The Change.org petition for listing SHIB on Robinhood has crossed 300,000 signatures, setting a new record.
FXStreet analysts have evaluated the DOGE price trend and stated that Dogecoin is a lagger in price. Analysts expect the DOGE price to breakout.