The well-known meme token, Dogecoin, had an amazing rally ever in history. The DOGE price doubled overnight, creating a huge euphoria in the cryptocurrency ecosystem and reaching different milestones.
DOGE Trading Volume hit surges high
The trading volume of dogecoin had soared more than 11,486.57% hitting $27,355,079,075 and a drastic pump of 802.88% to with price surpassing its previous ATH $0.07797.
It is interesting to note that the trading volume of Dogecoin exceeded the volume of Ethereum and Bitcoin on Binance Exchange. The 24hr trading volume of DOGE hit nearly USD 42bn. This is more than ETH trading volume (USD 35bn)
During the early trading hours, DOGE market capitalization also hit $9.3bn which was bigger than chainlink ($9.2), litecoin (LTC)’s, stellar (XLM)’s.
Reason behind Robinhood suspending DOGE and Gamestop trading
Bitcoin and many other altcoins have surged after stock trading app Robinhood decided to restrict trading of crypto’s and other stocks that have surged in recent days.
The trading app Robinhood suspended the trading of Dogecoin and GameStop shares on its platform. The crypto became the target of Redditors who were behind the surge of the stock price of GME and AMC.
As the DOGE price gained momentum, Elon Musk tweeted with an image of a “Dogue” in the style of Vogue magazine may be to recognize the efforts of the Redditors. Therefore resulting in a massive spike in the price which soared more than 800% in no time.
— Elon Musk (@elonmusk) January 28, 2021
According to some reports, the DOGE price surge is also due to the launch of renDOGE which is a tokenized version of DOGE traded on Ethereum network for DeFi users.
Elon Musk previously tweeted about the GME stock price manipulation on the Reddit group called WallStreetBets and later the Reddit group tweeted on Dogecoin. Maybe the signal for the Wall street Redditors to enter the crypto space as mentioned by the CEO of Binance, Changpanh Zhao.
WallStreetBets already in #crypto? in $DOGE now?
HIGH risk WARNING.
HIGH volatility WARNING.
We won't be able to ban it or pause trading. Too many other exchanges trading it. Will just cause more problems.
Please do exercise extreme caution. Stay #SAFU. https://t.co/wTIum1BaFY
— CZ 🔶 Binance (@cz_binance) January 28, 2021
Hence, smelting the possible manipulation, Robinhood suspended the trading of both the assets, GME and DOGE. However, the platform is also facing a lawsuit filed by the retail investors over the restriction imposed on trading.