Dogecoin accounted for a whopping 34% of Robinhood’s crypto revenue in the first quarter of 2021.

What started out as a meme has become a serious contender and a force to be reckoned with in the crypto market. The Dallas Mavericks accept Dogecoin and SpaceX recently accepted Dogecoin as payment for a satellite launch.

Adding further evidence to its growing stature, Robinhood disclosed in its IPO prospectus that Dogecoin accounted for 34% of its total crypto revenue. What’s even more telling is that Robinhood supports trading seven different cryptocurrencies, demonstrating just how popular the crypto has become.

While we currently support a portfolio of seven cryptocurrencies for trading, for the three months ended March 31, 2021, 34% of our cryptocurrency transaction-based revenue was attributable to transactions in Dogecoin, as compared to 4% for the three months ended December 31, 2020.

Robinhood made it clear that a change in Dogecoin’s popularity could have a material impact on the company.

As such, in addition to the factors impacting the broader cryptoeconomy described elsewhere in this section, RHC’s business may be adversely affected, and growth in our net revenue earned from cryptocurrency transactions may slow or decline, if the markets for Dogecoin deteriorate or if the price of Dogecoin declines, including as a result of factors such as negative perceptions of Dogecoin or the increased availability of Dogecoin on other cryptocurrency trading platforms.

Not bad for something that started as a joke.