Dogecoin (DOGE) Hits All-Time High of $0.29, Causes Outage on Robinhood Amid Strong Volumes
As Bitcoin (BTC) and the overall crypto market consolidates after hitting record levels, meme-cryptocurrency Dogecoin (DOGE) has taken the ultimate charge rallying more than 300% just in the last three days.
Earlier today, the DOGE price surged to its all-time high of $0.29 with its market cap soaring past $35 billion making it the eighth-largest cryptocurrency in the world. This is second time as DOGE has entered the top-ten spot this year.
Over the last few months, Dogecoin (DOGE) has received massive backing from some of the top-personalities in the world like Elon Musk and Snoop Dog. Interestingly, the DOGE price rally comes just at a time when the popular Reddit group WallStreetBets open a thread for crypto discussions.
WallStreetBets is the same Reddit group behind the GameStop (NYSE: GME) stock rally ahead this year taking some of the biggest Wall Street hedge funds for a ride. On Thursday, April 15, Bloomberg report noted that this Reddit web forum has now started discussion for Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE).
“I don’t see the point in delaying the inevitable anymore as crypto is here to stay,” said a moderator of the forum. The moderator further added that for years the forum has avoided discussions on crypto because its “concern is that crypto discussion overtakes the core of what WallStreetBets is about, which is the stock market.”
On the other hand, the Dogecoin (DOGE) price rally significantly spiked up trading volumes on the controversial Robinhood platform resulting into outage. Well, this irked the investors who were unable to book their positions in DOGE. Thus, rumours started floating that just like the GameStop stock, Robinhood has also restricted the trading for DOGE.
Clarifying this matter, Robinhood tweeted: “No, we didn’t place restrictions on $DOGE trading. This is false information”. The crypto trading platform has been behind solving the technical difficulties that arrived and it seems that the matter has been restored as of now.
In its latest update on the Robinhood Twitter handle, the company said: “Crypto trading is now fully restored. Like others, we were experiencing unprecedented demand for Robinhood Crypto services, which created issues with crypto trading. We’ve resolved the issue and apologize for the inconvenience”.
Dogecoin has emerged as a major player in the crypto space and has been the favourite of many investors. The meme cryptocurrency has certainly caused major fire among the crypto investor community.