The market capitalization of the Dogecoin (DOGE) which rose more than 300% this week surpass Southwest Airlines, the world’s largest low-cost carrier airline.
Dogecoin reached a new all-time high of $ 0298 at 2: 35 a.m. Universal Time Coordinated (UTC) on the Binance exchange, and its market capitalization exceeded $39 billion.
The cryptocurrency inspired by the Internet meme “Doge” remains significantly larger than Litecoin (LTC) and Uniswap (UNI), firmly holding the eighth place on CoinMarketCap.
The monster’s latest move was prompted by another tweet from Tesla CEO Elon Musk.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
The WallStreetBets Reddit group, which temporarily lifted the ban on discussing Dogecoin could also contribute to the resurgence of Dogecoin.
DOGE grew by more than 5,000 percent in 2021, dwarfing Bitcoin’s seemingly impressive gains over the same time period.
Rumors Arise As Robinhood’s Restricting Dogecoin Trading
The popular cryptocurrency and stock trading platform Robinhood has found itself at the center of controversy.
There are rumors on social media that Robinhood is restricting Dogecoin (DOGE) trading on its platform just as it did with GameStop (NSE: GME) earlier this year in January 2021.
However, Robinhood clarified in a tweet:
No, we didn’t place restrictions on $DOGE trading. This is false information. For latest operational updates, check https://t.co/hS5J5eu1GV.
— Robinhood (@RobinhoodApp) April 16, 2021
Social media rumors began to spread when Dogecoin (DOGE) investors failed to cash out from their Robinhood trading accounts. As most users were willing to lock in profits as DOGE surged more than 250% in just the last three days.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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