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- The rise of Dogecoin expanded on Friday when the crypto-themed SatoshiStreetBets sparked a further rally.
- Bitcoin also climbed 15% on the same day after Elon Musk changed his Twitter bio to include it.
- Robinhood has temporarily restricted crypto-trading on its platform due to “extraordinary market conditions.”
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The Reddit-inspired market mania skyrocketed the price of meme-based digital asset Dogecoin on Friday, dropping the mark in the top 10 cryptocurrencies by market capitalization.
Dogecoin has risen more than 600% in the last 24 hours to a trading point of $ 0.0779 in early European trading. This boosted its market value to about $ 9 billion, according to data from Coin Gecko on seven among cryptocurrencies.
Crypto competitor Bitcoin also climbed 15% on the same day after Elon Musk changed his Twitter bio to simply say, “#bitcoin.” For that, Musk consider Dogecoin by posting a ridiculous magazine cover of ‘Dogue’ – a play about the fashion title Vogue. The billionaire has previously mentioned it as his favorite cryptocurrency.
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@ elonmusk / Twitter
A crypto-themed version of the Wall Street Bets forum tried to push the digital token higher to make money. By creating hype around the currency, the SatoshiStreetBets subreddit aims for a $ 1 price target for Dogecoin.
The recent madness has led to the online brokerage Robinhood to temporarily restrict crypto trading. “Due to exceptional market conditions, our immediate purchasing power for crypto has been temporarily shut down,” a Robinhood spokesman told CNBC. “Customers can still use settled funds to buy crypto. We will continue to monitor market conditions and communicate with our customers.”
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