Supporters of Dogecoin have launched a campaign on social media aimed at raising the price of the cryptocurrency to $ 1 after it reached 9 cents a week ago, according to CNBC.
The hashtag Dogecoin topped Twitter with a growing number of tweets on the topic.
And the cryptocurrency rose to about 25%, pushing it to about 43 cents.
The cryptocurrency Dogecoin has seen great popularity recently on the Robinhood platform, but it has faced technical problems on the platform related to the implementation of user deals related to cryptocurrencies, despite the announcement of the platform to fully restore service to enable users to trade by midnight last Thursday.
There were sporadic encryption orders failures and notification delays for some clients, "Robinhood said in a blog post.
Earlier, the platform said, it witnessed an unprecedented demand for Robinhood Crypto services, which led to problems in cryptocurrency trading and offered its apology to clients.
Dogecoin trading
The symbol that takes its name from the Shiba Inu dogs circulated nearly 42 cents on Tuesday, fueling the social media frenzy driven by the #DogeDay trending hashtag on Twitter on April 20, a slang word for users to celebrate.
Last week, Dogecoin jumped more than 400% and is now worth more than $ 51 billion, according to data from cryptocurrency data provider CoinGecko.com.
These fantastic gains have been made even as other crypto assets begin to collapse. Bitcoin has declined for five consecutive days, and is trading at less than $ 56,000 as of 8:15 am in New York on Tuesday. Ether, the second-largest cryptocurrency, slipped 1.6% to $ 2,174.
"There is a bunch of investors, many of them millennials, that see it as a cause for movement," said Anthony Trencheff, co-founder of cryptocurrency company Nxo. "Dogecoin is a symptom of the Zeitgeist movement before our eyes."
And in the broader field of cryptography, the recent ups and downs have fueled talk of a bubble. Crypto champions may be part of an expert trend, including Wall Street Bits retailers, who are challenging investment standards.
Bitcoin and Ether are still up around 90% and 180%, respectively, this year as the crypto industry matures. Institutional investors such as Goldman Sachs Group Inc. (NYSE: GS) and New York Mellon Bank (New York Stock Exchange: BK) have interfered in this sector, and the Nasdaq List led to Coinbase Global Inc. (NASDAQ: Coinbase Global Inc. (NASDAQ: COIN)) Last week to raise the level of the cryptocurrency in the main markets.
As Edward Moya, Senior Market Analyst at Oanda, said: “Bitcoin is trying to stabilize in the wake of the weekend’s drop into bear market territory. Institutional demand may find this massive sell-off as a buying opportunity. It ranges between $ 52,000 and $ 62,000 for the next few weeks.
While Dogecoin fans continue to make waves, some cryptocurrency investors have offered words of caution.
