Home » + 468% week and wild trading sends Robinhood into a tailspin. What is the crypto meme pushing?

+ 468% week and wild trading sends Robinhood into a tailspin. What is the crypto meme pushing?

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In the week of Coinbase’s debut on Wall Street and Turkey’s ban on the use of bitcoin for payments, Dogecoin shines more than ever. The frenzy around the digital token born as a joke in 2013 has led to a boom of approx + 468% since last Friday and over 6,000% since the beginning of the year, according to CoinMarketCap, reaching a market value of over $ 48 billion. Yesterday the trading volume of the business increased by nearly 300%.

Dogecoin takes over from Gamestop among retail traders

Unbridled crypto trading often mentioned by people such as Elon Musk and Mark Cuban led to a boom of over + 110% on Friday alone yesterday (CoinMarketCap.com data). Euphoria over Dogecoin which also sent the crypto trading system of the Robinhood App into a tailspin, which announced that it had solved these problems within two hours. “As one of the few platforms where customers can buy Dogecoin, our platform is right at the heart of this surge,” Robinhood said, adding that it climbed to the top of the Apple App Store’s list of best free apps on Friday.
The issues sparked a quick reaction from Robinhood users, reigniting concerns about retail investors’ access to trading. In late January, Robinhood had been criticized for temporarily restricting the purchase of GameStop and other stock memes during the frenzied trading round powered by the Reddit forum.
Elon Musk in these days he has returned to publish images and ills of Doge of all kinds on Twitter, which inevitably push to further turn the spotlight on Dogecoin. On Thursday Musk posted an image that he tagged “Doge Barking at the Moon”. (“To the moon” is a rallying cry to the r / WallStreetBets audience for the action of GameStop).

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Frenzy similar to that of the dot.com bubble

Doge’s surge is part of an increase in all digital tokens that have sprung up in imitation of Bitcoin, raising doubts that a bubble is being created in the crypto universe that is now worth more than $ 2.25 trillion. Bitcoin now accounts for less than 54% of cryptocurrency market capitalization, the lowest level in nearly two years.
“This reminds me of the dot.com days”, underlines Scott Knapp, chief market strategist of CUNA Mutual Group, interviewed by the Bloomberg agency. “For every Amazon.com there were 10 pets.com that went bankrupt. Is Dogecoin the pets.com of cryptocurrencies?“.
In r / Dogecoin group on Reddit, which now boasts more than 1.3 million members, have been funded several filantropiche cause by community members who donate Dogecoin. In 2014, an anonymous member donated approximately $ 10,000 to a “Doge4Water” initiative to raise funds for drinking water in Kenya. The Dogecoin community also played a role in a funding effort to send Jamaica’s bobsled team to the 2014 Winter Olympics in Sochi.
Dogecoin has been around for eight years and most of the time it was worth half a cent. Ten thousand new Dogecoins are scheduled to be issued every minute for the rest of eternity, which leads to the deduction that it is a cryptocurrency destined to become increasingly cheaper.

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