The cryptocurrency frenzy has sent Dogecoin surging more than 50% again and has crashed Robinhood’s trading app.
Other so-called altcoins also took off, with Dash spiking 35% over a 24-hour period through midday in Asia Wednesday and Ethereum Classic rising almost 50%.
In the world of DeFi, tokens such as Force DAO and Tierion surged more than 1,000% on Tuesday, according to CoinMarketCap.com data.
Meanwhile, Robinhood said it resolved earlier issues with crypto trading on its platform.
The rallies defied easy explanation and continued a trend that’s seen the value of all digital tokens surge past $2.3 trillion.
Doge, created as a joke in 2013, has been used in marketing gimmicks — the latest by the Oakland A’s baseball team, which offered two seats to games this week for 100 Dogecoin.
The Gemini crypto exchange backed by Tyler and Cameron Winklevoss said it now supports Doge, and will soon enable trading of it.
Dogecoin’s red-hot advance from around 0.002 cents a year ago — when it was worth about $300 million — has captured the interest of many on Wall Street.
It’s even caught the attention of the Federal Reserve — the central bank’s chairman last week answered “some of the asset prices are high” when asked if things like GameStop Corp.’s and Dogecoin’s supercharged rallies created threats to financial stability.
As a sign of Dogecoin’s rising popularity, the Robinhood app is among the top 10 downloads at the Apple App Store.
Meanwhile, Coinbase Global, the largest U.S. crypto exchange — which doesn’t offer Doge trading — saw its shares fall 4.6% Tuesday, its lowest close since its market debut last month.
Though interest in digital assets has picked up in recent months as more traditional firms who were long hesitant to the crypto space warm up to cryptocurrencies, it’s alternative coins that have captured the most attention in recent days.
Bitcoin has taken a backseat following record-setting rallies from Ether and Doge, wrote Edward Moya, senior market analyst at Oanda.
Elsewhere, a new Ether ETF trading in Canada called the CI Galaxy Ethereum ETF (ETHX) broke its record volume on Tuesday. It’s up more than 20% in the first two days of the week.
Bitcoin fell a third day on Tuesday. It was up 0.2% to $54,865 as of 12:05 p.m. in Hong Kong on Wednesday.
Meanwhile, many — including famed crypto investor Mike Novogratz — have warned that the rallies could be unsustainable. Novogratz, chief executive officer of Galaxy Digital Holdings, said recently he’d be “very, very worried” were one of his friends to invest in Doge.