Will we see DogeCoin millionaires?
Dogecoin started as a parody of cryptocurrencies, but Tuesday's rise in price is no joke. The memecoin's price flew past its previous high of 43 cents, hitting a record 60 cents on Tuesday before settling around 55 cents in the evening. This is a more than tenfold increase of its 5-cent value in March. It was worth just 1 cent in January.
The price of DogeCoin started ticking up over the weekend. Tesla CEO Elon Musk is Doge's highest-profile supporter, and his tweets related to the cryptocurrency tend to lead to a jump in its value. Musk posted a tweet last week that referenced The Dogefather and his upcoming hosting gig on Saturday Night Live May 8.
Another possible reason for the surge could be attributed to popular investing app Robinhood. The investing platform tweeted Tuesday morning it was experiencing issues with cryptocurrency trading. The problem led some cryptocurrency traders to speculate that this was a replay of Robinhood's controversial decision to stop selling GameStop stock when it was skyrocketing in value, which in turn may have spurred people using other investing platforms to buy more DogeCoin.
Robinhood said later that it fixed the issues.
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