Musk Agrees Robinhood Is A Dogecoin Whale As Gamestop Hearing Starts

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Robinhood, the popular app that allows US customers to trade without a fee, is in the middle of a political storm as the US Congress starts a hearing today on the whole Gamestop debacle.

You may remember that a bunch of Redditors grouped together on the WallStreetsBets platform took on Wall Street Hedge funds in January and drove the price of shares such as GameStop up to unknown heights before the trading app decided to only let customers sell those stocks for a period, and not buy them anymore.

• Trade Dogecoin on Binance (including a 20% lifetime discount)

GameStop investor ‘Roaring Kitty’ expected to tell Congress claims against him are ‘preposterous’ https://t.co/sIKnUjLpl1 by @DanielHowley pic.twitter.com/0mvjjOufgg

— Yahoo Finance (@YahooFinance) February 17, 2021

Popular members of congress on both sides of the political aisle, such as AOC (Alexandria Ocasio-Cortez) for the Democrats and Ted Cruz (Texas Senator) for the Republicans, have vowed to investigate what happened.

Off Twitter for a bit … pic.twitter.com/kw1tKNXWzb

— VLAD (@vladtenev) February 18, 2021

Vlad Tenev, the CEO of Robinhood, has pointed to going off Twitter for a while as he posted a screenshot from the movie Mr Smith Goes to Washington.

Robinhood will be turning itself into a fiat on-ramp for crypto. https://t.co/vekTWn5TPJ

— Alex Krüger (@krugermacro) February 18, 2021

Dogecoin whale

At the same time that Reddit’s crypto forums are heavily discussing the GameStop saga (a CNBC analyst admitted yesterday that without the Robinhood stop GameStop stock would have probably surged to thousands of dollars). It was announced that Robinhood is probably holding a majority of Dogecoin crypto.

If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.

— Elon Musk (@elonmusk) February 14, 2021

Several social media posts warned that Robinhood did not allow selling or buying of the popular memecoin, trying to control the Dogecoin price apparently.

Elon Musk, CEO of Tesla, invited any Dogecoin whale to sell most of their coins in order to make the coin accessible for everyone and democratize the price. He agreed with social media commenters that Robinhood probably held a large portion of the popular cryptocoin.

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Sounds like it is

— Elon Musk (@elonmusk) February 16, 2021

It almost certainly belongs to Robinhood,

Said Tom Robinson, co-founder of Elliptic.

The timings of its creation, and the creation of the addresses that it received funds from, match the timings of Robinhood’s support of Dogecoin.

winst2014 / Depositphotos.com