Pharmacy becomes first to accept payment from Dogecoin; Robinhood accused of being Dogecoin Whale

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Medical supply and logistics company, Covcare, has become the first ever organisation to accept Doge as payment for goods and services.

The company, which recently reached a milestone of 100,000 orders placed with them, is based in Staten Island, New York, USA, and was founded by Wooter Apparel and Game Breaker. Interestingly, according to thier official website, their “biggest clients are hospitals and government-funded institutions.”

Pacesetters

Long before the current rave and wave behind digital currency was rife, the parent company of Covcare, Wooter Apparel became the first ever sports apparel firm to accept payment using Bitcoin. They also proved incredibly crypto-friendly as they offered a free incentive of $10 worth of Bitcoin to customers who signed up with digital currency exchange, Coinbase.

Not All Good News

Dogecoin posted a tremendous increase in value when Tesla-SpaceX boss and world’s richest man, Elon Musk, showered encomium on it by dubbing it the “people’s currency”, “currency of the Internet” and also revealed he had gotten one for his son, Lil-X.

The momentum died a quick death, though, as it as lost over 32% of its all-time high value of $0.087159.

Following admonition by Musk that Whales should “void” their wallets to witness growth and investments, the currency has continued its free fall, plummeting by 9.41% in the last 24 hours.

The coin however remains highly popular, as $194.59 million DOGE has been transacted in the past 24 hours, which translates to about 3.538 billion coins.

Is Robinhood Dogecoin’s Major Holder? 

Popular crypto exchange, Robinhood, has been accused of being the massive whale on Dogecoin that holds about 27% of the total coins in circulation. The exchange appear as customers favourite destination for the altcoin.

It was uncoverêed that the mysterious wallet on Dogecoin had a massive hold on the present and future of the coin, with this affecting how the value appreciates, hereby rendering the cryptocurrency volatile and centralised.

Robinhood are not new to transparency indictments and issues, as months back in December 2020, the Securities and Exchange Commission slapped a fine of $65 million on the finance service company for misleading customers about revenue sources and failing to satisfy duty of best execution between 2015 and 2018.

Also, several accounts on Twitter have accused the exchange of shady restrictions, while Reddit users fingered them for underhand dealings which made “investments vanish into thin air.”

When the Dogecoin’s major holder made their first purchase in February 2019, the DOGE was valued at 0.19, a difference of 0.4 from its current price and a Return on Investment of 210 percent.

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Meticulous to a fault.

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