By Joanna Ossinger and Vildana Hajric
While Coinbase Global Inc. captured the headlines with its market debut, the frenzy around digital tokens is taking its zaniest turn yet in the price of a token created as a joke.
Dogecoin, boosted by the likes of Elon Musk and Mark Cuban, rallied roughly 180% Friday, according to CoinMarketCap.com, reaching a market value of more than $48 billion. It’s now up 18,000% from a year ago, when it traded for $0.002 and was worth about $250 million.
Doge’s surge is part of a rise in altcoins, a term for all the digital tokens that have sprung up in imitation of Bitcoin. Like most of them, its use case is limited, making it a tool for speculators and raising concern that a bubble is inflating in a crypto world now worth more than $2.25 trillion.
Dogecoin soars from joke to $50 billion, fed by crypto craze latimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from latimes.com Daily Mail and Mail on Sunday newspapers.
Dogecoin Frenzy Overloads Robinhood Crypto Order System
Bloomberg 2 hrs ago Joanna Ossinger and Vildana Hajric
(Bloomberg) The frenzy around digital tokens is taking its zaniest turn yet in the price of a token created as a joke, buckling the crypto trading system at Robinhood Markets.
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Dogecoin, boosted by the likes of Elon Musk and Mark Cuban, rallied more than 110% Friday, according to CoinMarketCap.com, reaching a market value of more than $45 billion. It’s now up 18,000% from a year ago, when it traded for $0.002 and was worth about $250 million.
Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site, the online exchange said in a blog post Friday. Some $68 billion worth of Dogecoin changed hands in the prior 24 hours as of 4:45 p.m. in New York, the most since June, CoinMarketCap.com data showed.
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Michael Herman, Author at CUInsight cuinsight.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cuinsight.com Daily Mail and Mail on Sunday newspapers.