{"id":45273,"date":"2021-05-04T18:22:51","date_gmt":"2021-05-04T18:22:51","guid":{"rendered":"https:\/\/qatar-news.org\/qatarnewsEn\/?p=45273"},"modified":"2021-05-04T18:22:51","modified_gmt":"2021-05-04T18:22:51","slug":"who-let-the-doge-out-crypto-frenzy-crashes-robinhood-app","status":"publish","type":"post","link":"https:\/\/qatar-news.org\/qatarnewsEn\/?p=45273","title":{"rendered":"Who let the Doge out? Crypto frenzy crashes Robinhood app"},"content":{"rendered":"
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\"Bloomberg\"<\/div>\n<\/div>\n

The rallies defied easy explanation and continued a trend that\u2019s seen the value of all digital tokens surge past $2.25 trillion.<\/p>\n<\/div>\n

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Animal spirits are alive and well in the cryptocurrency world, with the frenzy sending Dogecoin surging as much as 50% again and crashing Robinhood\u2019s trading app.<\/p>\n

Other so-called altcoins also took off, with Dash spiking as much as 14% and Ethereum Classic jumping more than 30%. In the world of DeFi, tokens such as Force DAO and Tierion surged more than 1,000% on Tuesday, according to CoinMarketCap.com data. Meanwhile, Robinhood said it resolved earlier issues with crypto trading on its platform.<\/p>\n

\u201cYou 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,\u201d Chad Oviatt, director of investment management at Huntington Private Bank. \u201cYou get that excitement there.\u201d<\/p>\n

The rallies defied easy explanation and continued a trend that\u2019s seen the value of all digital tokens surge past $2.25 trillion. Doge, created as a joke in 2013, has been used in marketing gimmicks, the latest by the Oakland A\u2019s baseball team, which offered two seats to games this week for 100 Dogecoin. The Gemini crypto exchange backed by Tyler and Cameron Winklevoss\u00a0said\u00a0it now supports Doge, and will soon enable trading of it.<\/p>\n

(Bloomberg)<\/figure>\n

Dogecoin\u2019s red-hot advance from around 0.002 cents a year ago \u2014 when it was worth about $300 million \u2014 has captured the interest of many on Wall Street. It\u2019s even caught the attention of the Federal Reserve \u2014 the central bank\u2019s chairman last week answered \u201csome of the asset prices are high\u201d when asked if things like GameStop Corp.\u2019s and Dogecoin\u2019s supercharged rallies created threats to financial stability.<\/p>\n

As a sign of Dogecoin\u2019s rising popularity, the Robinhood app is among the top 10 downloads at the Apple App Store. Meanwhile, Coinbase Global, the largest U.S. crypto exchange, doesn\u2019t offer Doge trading \u2014 saw its shares fall more than 6% Tuesday. The stock is on track for the lowest close since its market debut last month.<\/p>\n

\u201cIt\u2019s pretty amazing that something that started out as a joke has become so popular,\u201d said Matt Maley, chief market strategist for Miller Tabak + Co.<\/p>\n

\u201cThe Dogecoin bubble should have popped by now, but institutional interest is trying to take advantage of this momentum and that could support another push higher,\u201d he said in a note. \u201cDogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk\u2019s hosting of Saturday Night Live.\u201d<\/p>\n

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Dogecoin is the people\u2019s money. It\u2019s organic, irreverent, and fun. @Gemini<\/a> now supports $DOGE<\/a>. Deposits are open. Trading to follow shortly.https:\/\/t.co\/sPLhi9wlry<\/a><\/p>\n

\u2014 Tyler Winklevoss (@tyler) May 4, 2021<\/a><\/p>\n<\/blockquote>\n

Elsewhere, a new Ether ETF trading in Canada called the CI Galaxy Ethereum ETF (ETHX) broke its record volume on Tuesday, with more than $22 million shares changing hands as of 12:30 p.m. in New York. That fund has attracted about $162 million since its debut in March.<\/p>\n

Bitcoin slumped as much as 5.7% to $53,560, the third straight decline.<\/p>\n

Meanwhile, many \u2014 including famed crypto investor Mike Novogratz \u2014 have warned that the rallies could be unsustainable. Novogratz, chief executive officer of Galaxy Digital Holdings,\u00a0said\u00a0recently he\u2019d be \u201cvery, very worried\u201d were one of his friends to invest in Doge.<\/p>\n

\u201cIt seems that investors are careening from one hot dot to another, like a pinball game,\u201d said Mike Bailey, director of research at FBB Capital Partners. \u201cMy sense is this speculative wave will suffer the same fate as the GME and other Robinhood \u2018flash-in-the-pan\u2019 stocks. Cryptocurrencies may have become a new asset class, like precious metals, but surges such as these seem unsustainable.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The rallies defied easy explanation and continued a trend that\u2019s seen the value of all digital tokens surge past $2.25 trillion.Animal spirits are alive and well in the cryptocurrency world, with the frenzy sending Dogecoin surging as much as 50% again and crashing Robinhood\u2019s trading app. Other so-called altcoins also took off, with Dash spiking…<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-45273","post","type-post","status-publish","format-standard","hentry","category-spotlight_news"],"_links":{"self":[{"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/posts\/45273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45273"}],"version-history":[{"count":0,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/posts\/45273\/revisions"}],"wp:attachment":[{"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}