Robinhood, one of the world’s most famously used trading apps by millennials, a few hours ago suspended trading of Dogecoin which exploded by up to 1,000% thanks to a tweet from Elon Musk.
In retrospect, it was inevitable
— Elon Musk (@elonmusk) January 29, 2021
Crypto traders and global investors are rushing to have a stake in this fast-growing crypto, on the account that it has the unique endorsement of the world’s richest individual presently worth $199 billion.
“Due to extraordinary market conditions, we’ve temporarily turned off Instant buying power for crypto,” a Robinhood spokesperson said in a statement emailed to CNBC.
“Customers can still use settled funds to buy crypto. We’ll keep monitoring market conditions and communicating with our customers.”
Recall about a day ago, Robinhood and Interactive Brokers disclosed they have restricted trading in shares of BlackBerry, GameStop, AMC, and other listed companies printing massive gains due to the social media-driven trading frenzy, particularly on Reddit.
GameStop, Blackberry, and others were suspended after having soared so high in the past few weeks because of support from many retail investors on Reddit.
Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo.
- The open-source crypto was invented by an American known as Billy Markus and an Australian identified as Jackson Palmer. The crypto asset was forked from Litecoin in December 2013.
- This fast-rising crypto is being primarily used as a tipping system on popular social media platforms like Twitter and Reddit in order to reward the creation or sharing of quality content.
- Crypto exchanges presently having Dogecoin listed include YoBit, BitAsset, Binance, Huobi Global.