What just happened? Dogecoin saw a sevenfold spike as of Friday last week as day-traders jumped on the meme-based cryptocurrency. The value of the coin was cut in half by Saturday however as marketplaces including Robinhood, who are still receiving criticism around GameStop stock from last week, stopped account deposits for crypto purchases. This led to an outcry by Redditors and Twitter users who are trying to bolster the coin and prevent panic selling.
Dogecoin, the cryptocurrency featuring the famed “doge” shiba-inu meme, famously started as a bit of a meme itself. Never terribly successful, but consistently in the crypto zeitgeist, the coin has made headlines this week as the ever-growing community of day-traders on Reddit and Twitter decided to focus their efforts on keeping the Dogecoin alive as its value dipped by nearly half on Saturday.
Retail traders posted online trying to bolster confidence in the coin and begged skeptics not to sell in the ensuing panic. As of Friday, the coin had surged seven times its value to $0.07 but was cut short as marketplaces such as Robinhood halted account deposits for cryptocurrency buying due to “extraordinary market conditions.” This did not halt buying using funds previously deposited however.
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