Dogecoin Accounted For 34% Of Robinhood's Crypto Revenue In Q1

Popular stock trading app Robinhood revealed that its business could be significantly impacted if the price of Dogecoin DOGE/USD declined.

What Happened: Robinhood, which plans to go public later this month, said in its IPO prospectus that Dogecoin made up 34% of its cryptocurrency transaction-based revenue for the first quarter of 2021.

“A substantial portion of the recent growth in our net revenues earned from cryptocurrency transactions is attributable to transactions in Dogecoin,” said Robinhood in its S1 filing.

“If demand for transactions in Dogecoin declines and is not replaced by new demand for other cryptocurrencies available for trading on our platform, our business, financial condition, and results of operations could be adversely affected,” it added.

Read also: Spiritus Becomes The First Car To Mine Cryptocurrency, Including Bitcoin And Dogecoin

The trading platform also said that its business could be hurt if the price of Dogecoin declines, and even as a result of factors such as negative perceptions the cryptocurrency or the increased availability of the meme-based token on other cryptocurrency trading platforms.

Last week, sources reported that Robinhood delayed its IPO after the SEC reviewed its business, specifically looking into Robinhood’s cryptocurrency activities. The company had originally planned to go public at the end of June but has delayed its plans.

Price Action: Dogecoin was trading at $0.2409, down 4.82% over the past 24-hours, and down 4.05% in a week.