Beware of Robinhood's reliance on joke crypto dogecoin, Wolfe Research says

A visual representation of digital cryptocurrencies Dogecoin and Bitcoin.
Yuriko Nakao | Getty Images News | Getty Images

Robinhood's transactional revenues for the second quarter surpassed Wolfe Research's expectations, but activity linked to meme-inspired crypto dogecoin made up far more of that revenue than its analysts expected.