It’s even caught the attention of the Federal Reserve - the central bank’s chairman last week answered “some of the asset prices are high” when asked if things like GameStop Corp.’s and Dogecoin’s supercharged rallies created threats to financial stability.Īs a sign of Dogecoin’s rising popularity, the Robinhood app is among the top 10 downloads at the Apple App Store. (Bloomberg)ĭogecoin’s red-hot advance from around 0.002 cents a year ago - when it was worth about $300 million - has captured the interest of many on Wall Street. The Gemini crypto exchange backed by Tyler and Cameron Winklevoss said it now supports Doge, and will soon enable trading of it. Doge, created as a joke in 2013, has been used in marketing gimmicks, the latest by the Oakland A’s baseball team, which offered two seats to games this week for 100 Dogecoin. The rallies defied easy explanation and continued a trend that’s seen the value of all digital tokens surge past $2.25 trillion. “You have money looking for a home and this is one of those areas of the market where there is speculation happening, there is significant appreciation happening in a short period of time,” Chad Oviatt, director of investment management at Huntington Private Bank. Meanwhile, Robinhood said it resolved earlier issues with crypto trading on its platform. In the world of DeFi, tokens such as Force DAO and Tierion surged more than 1,000% on Tuesday, according to data. Other so-called altcoins also took off, with Dash spiking as much as 14% and Ethereum Classic jumping more than 30%.
Animal spirits are alive and well in the cryptocurrency world, with the frenzy sending Dogecoin surging as much as 50% again and crashing Robinhood’s trading app.