The trading system at Robinhood Markets buckled and fell victim to the Dogecoin (DOGE) frenzy that has been going on for a couple of days now.

The demand was so great that the site of Robinhood crashed in light of many investors trying to trade on the “meme” currency. Boosted by the confidence and support of Elon Musk and Mark Cuban, it rallied record 110% gain on Friday before falling by 26% on Saturday.

According to figures by CoinMarketCap.com, $68 billion worth of Dogecoin (DOGE) changed hands in just 24 hours last Friday, the most recorded since June last year.

Dogecoin’s strong ascent

The cryptocurrency that started out as a joke or a meme now has a market value of more than $36 billion, which is 13,400% higher than its value a year ago when it traded for $0.002 and was worth about $250 million.

The surge of Dogecoin is part of the rise of altcoins, which are essentially imitations of Bitcoin (BTC). Its use is case limited, thus making it a speculative tool in a bubble inflating in a crypto world that is now worth more than $2.25 trillion.

Scott Knapp, Chief Market Strategist at CUNA Mutual Group, said that this reminds him of the “dot.com days” when there was something big going on, and investors were chasing it.

Interest in cryptocurrency on the rise

PayPal and Square recently enabled transactions in Bitcoin on their systems, while Wall Street companies like Morgan Stanley have started to give access to the tokens to their wealthiest clients.

This confirmed the notion that interest in crypto is on the rise again, and the push for it to be in the mainstream has once again gained a lot of traction.

Crypto die-hards, who believe that blockchain technology will rewire the financial community, have been getting rich as well by plugging into cryptocurrency.

 

Image courtesy of ZimoNitrome/YouTube Screenshot

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Source: https://bitcoinerx.com/bitcoin/dogecoin-doge-strong-surge-overloads-robinhood-crypto-order-system/