Dogecoin helped get people through the door, and NFTs can serve a similar aim, said Christine Brown, now COO and co-founder of NFT startup Floor. When meme cryptocurrency Dogecoin skyrocketed in price early last year, vaulting from less than a penny to a high above $0.73, crypto and stock trading app was one of the biggest beneficiaries—DOGE alone represented 34% of Robinhood’s crypto revenue in Q1 2021.
But the Dogecoin boom eventually went bust, with the long-running coin now down 92% from its peak price set in May 2021. And Robinhood, which had warned of the risks associated with such a volatile asset, took some flak for being a key destination for trading the jokey, dog-themed crypto.
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