Dogecoin Soars 600% As Reddit Frenzy Pushes Token Into Top 10 Cryptocurrency By Market Cap | Currency News | Financial and business news

• Dogecoin’s rise to power continued on Friday as crypto-themed SatoshiStreetBets subreddit fueled a new rally.
• Bitcoin also climbed 15% the same day after Elon Musk changed his Twitter bio to include it.
• Robinhood has temporarily restricted crypto trading on its platform due to “extraordinary market conditions”.
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The Reddit-inspired market mania pushed up the price of the digital asset based on Dogecoin memes on Friday, which catapulted the token into the top 10 cryptocurrencies by market cap.

Dogecoin has jumped over 600% in the past 24 hours to reach a trading point of $ 0.0779 at the start of European trading. This pushed its market value to around $ 9 billion, ranking it seven among cryptocurrencies, according to data from Coin Gecko.

Crypto rival Bitcoin also climbed 15% the same day after Elon Musk changed his Twitter bio to simply say: “#bitcoin”. Before that, Musk vaunted Dogecoin by publishing a magazine cover mockup of “Dogue” – a play on the fashion title Vogue. The billionaire previously called it his favorite cryptocurrency.

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A crypto-themed version of the Wall Street Bets forum attempted to push the digital token higher to make money. By creating hype around the coin, the SatoshiStreetBets subreddit is targeting a price target of $ 1 for Dogecoin.

The recent frenzy has led online brokerage Robinhood to temporarily restrict crypto trading. “Due to extraordinary market conditions, we have temporarily turned off instant purchasing power for crypto,” a Robinhood spokesperson told CNBC. “Customers can still use settled funds to buy crypto. We will continue to monitor market conditions and communicate with our customers.

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