Dogecoin dives after rally, sparking outcry on Reddit
The digital coin fell 46% in 24 hours to $0.02582 as of 4:35 p.m. in New York on Saturday, according to data from CoinMarketCap. It recovered to $0.03 on Sunday, though still less than half its high on Friday, when a seven-fold surge sent the coin over $0.07.
Amid the rally, Robinhood temporarily suspended instant deposits for buying crypto on Friday, citing “extraordinary market conditions,” a spokesperson told CNBC. Users can still use funds already deposited on the platform to buy cryptos.
Users of the Reddit feed SatoshiStreetBets – which describes itself as the “crypto version of WallStreetBets” – are pleading with others to keep Dogecoin and not switch to other cryptos.
For those who say the hype is over we’ve just seen proof over the past 3-4 nights of the effectiveness of our collective efforts. The moment we get lost is the moment we fail, “a poster said. Look at the way the money is printed. Doge could also be used. Never say never.”
Dogecoin has become the latest obsession of retail traders in part because Tesla Inc. CEO Elon Musk posted an image on Twitter of a Mastiff magazine cover with a whippet in a red outfit. Although no further explanation was given, many believed it was a reference to Dogecoin.
In December, Musk’s tweet – One Word: Doge – was also picked up by some to refer to the play.
By Yueqi Yang
