The very well-known token, Dogecoin, had an incredible rally in history. The DOGE price doubled overnight creating huge euphoria in the cryptocurrency ecosystem and hitting different milestones.
DOGE transaction volume peaks
Dogecoin trading volume had climbed over 11,486.57% to $ 27,355,079,075 and a drastic pump of 802.88% at a price exceeding its previous ATH $ 0.07797.
Interestingly, Dogecoin’s trading volume exceeded Ethereum and Bitcoin’s volume on Binance Exchange. DOGE’s 24-hour trade volume reached nearly $ 42 billion. This is more than the volume of ETH transactions (35 billion USD)
During the early hours of trading, DOGE’s market cap also hit $ 9.3 billion, which was higher than chainlink ($ 9.2), Litecoin (LTC), Stellar (XLM).
Reason why Robinhood suspended DOGE and Gamestop exchanges
Bitcoin and many other altcoins surged after the Robinhood stock trading app decided to restrict trading in crypto and other stocks which have surged in recent days.
The trading application Robin Hood has suspended trading of Dogecoin and GameStop shares on its platform. Crypto has become the target of Redditors who were behind the surge in GME and AMC stock prices.
As the DOGE award gained momentum, Elon Musk tweeted with a Vogue Magazine-style image of a “Mastiff” perhaps to recognize the efforts of Redditors. Hence resulting in a massive spike in the price which shot up over 800% in no time.
– Elon Musk (@elonmusk) January 28, 2021
According to some reports, the DOGE price spike is also due to the launch of renDOGE which is a tokenized version of DOGE traded on the Ethereum network for DeFi users.
Elon Musk previously tweeted about the manipulation of the GME share price on the Reddit group called WallStreetBets and later the Reddit group tweeted on Dogecoin. Maybe the signal for Wall Street Redditors to enter the crypto space as mentioned by Binance CEO Changpanh Zhao.
High risk warning.
HIGH Volatility WARNING.
We will not be able to prohibit or suspend trading. Too many other exchanges negotiate it. It will just cause more problems.
– CZ Binance (@cz_binance) January 28, 2021
Therefore, melting away possible manipulation, Robinhood suspended trading in the two assets, GME and DOGE. However, the platform also faces a lawsuit brought by retail investors on the restriction on trade.