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- The rise of Dogecoin extended on Friday, with the cryptographic-themed SatoshiStreetBets subreddit, driving a new recovery.
- Bitcoin also rose 15% the same day after Elon Musk changed his Twitter bio to include him.
- Robinhood has temporarily restricted crypto trading on his platform due to “extraordinary market conditions”.
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Reddit-inspired market craze caused the price of meme-based digital asset Dogecoin to skyrocket on Friday, catapulting the token into the top 10 cryptocurrencies by market capitalization.
Dogecoin jumped more than 600% in the past 24 hours, to a trading point of $ 0.0779 at the start of the European session. This pushed its market value to around $ 9 billion, placing it in seven among cryptocurrencies, according to data from Coin Gecko.
Bitcoin’s crypto rival also rose 15% the same day after Elon Musk changed his Twitter bio to simply say, “#bitcoin”. Before that, Musk Dogecoin praised posting a mock magazine cover of “Dogue” – a joke with the Vogue fashion title. The billionaire has already referred to it as his favorite cryptocurrency.
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@ elonmusk / Twitter
A cryptographically themed version of the Wall Street gambling forum is trying to increase the digital token to make money. By creating an advertising campaign around the currency, the SatoshiStreetBets subreddit aims to reach a target price of $ 1 for Dogecoin.
The recent frenzy has prompted online brokerage Robinhood to temporarily restrict crypto commerce. “Due to extraordinary market conditions, we have temporarily turned off instant cryptographic purchasing power,” a Robinhood spokesman told CNBC. “Customers can still use liquidated funds to buy cryptography. We will continue to monitor market conditions and communicate with our customers.”
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