Stock trading app Robinhood has listed dogecoin on its commission-free cryptocurrency trading platform, the company announced on Monday.
The parody cryptocurrency, created in 2013, currently ranks as the 44th-largest cryptocurrency, with a circulating market cap of $288 million. At its peak in early January, dogecoin’s market cap swelled as high as $2.1 billion, much to the chagrin of creator Jackson Palmer,
Robinhood Crypto is currently available in just 17 states, due to a patchwork of state-level regulations governing cryptocurrency trading.
Notably, the announcement does not appear to have had a noticeable effect on the dogecoin price. DOGE/USD is up nearly five percent on Monday over its previous-day level, but DOGE/BTC has traded sideways, meaning that the coin’s USD appreciation is likely tied to a report that BlackRock, the world’s largest asset manager, has begun exploring investments in the cryptocurrency sector.
Robinhood, which now has more than 5 million users, recently raised $363 million at a $5.6 billion valuation