Dogecoin continues to soar and dazzle everyone: the price surpassed 50 cents yesterday, then reached an all-time high just short of 70 cents and retraced. All this happened while the popular app Robinhood was experiencing problems in cryptocurrency trading.
Confirming the problems was the app itself on its official channels:
“We’re currently experiencing issues with crypto trading. We’re working to resolve this as soon as possible”.
This tweet appeared late yesterday morning in the United States, the only country where it is possible to trade with Robinhood.
The app later reported that crypto trading had resumed although some users were still experiencing disruptions.
Robinhood down, Dogecoin up
Robinhood went down just as the price of Dogecoin was climbing to new records. It is likely that the frenzy around Dogecoin caused the app to go down.
Dogecoin (DOGE), for its part, jumped more than 50% yesterday, with its weekly rise of 120% seeing it double in price once again. After hitting 70 cents, it has retraced and is now worth 64 cents. But many are now sure that DOGE will soon be worth a dollar.
This time it has nothing to do with Elon Musk. However, anticipation is growing for his Saturday Night Live show on 8 May: many expect the CEO of Tesla to talk about Dogecoin, driving up the value of the satirical crypto even further.
In the meantime, other exchanges have added support for DOGE, likely contributing to its rising price. The latest is Gemini, the exchange owned by the Winklevoss twins, which just yesterday started deposits, and will soon open trading as well.
Tyler Winklevoss had this to say on the occasion:
“Dogecoin is the people’s money. It’s organic, irreverent, and fun”.
Dogecoin is the people’s money. It’s organic, irreverent, and fun. @Gemini now supports $DOGE. Deposits are open. Trading to follow shortly.https://t.co/sPLhi9wlry
— Tyler Winklevoss (@tyler) May 4, 2021
His brother Cameron Winklevoss said:
“Dogecoin is the funnest and friendliest crypto in the observable universe. Yes, it’s a meme coin, but all money is a meme!”.
The Kraken exchange also recently listed Dogecoin. And finally, even eToro recently added Dogecoin to its basket.
All of this may have contributed to pumping up the price of DOGE, and ultimately taking Dogecoin out of the realm of a joke. Ultimately, with its rise, Dogecoin can no longer be considered just a meme.