By Vildana Hajric and Claire Ballentine
Animal spirits are alive and well in the cryptocurrency world, with the frenzy sending Dogecoin surging as much as 50% again and crashing Robinhood’s trading app.
Other so-called altcoins also took off, with Dash spiking as much as 14% and Ethereum Classic jumping more than 30%. 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 is experiencing issues with crypto trading and is working to resolve them as soon as possible, according to its status update page.
“You have money looking for a home and this is one of those areas of the market where there is speculation happening, there is significant appreciation happening in a short period of time,” Chad Oviatt, director of investment management at Huntington Private Bank. “You get that excitement there.”
The rallies defied easy explanation and continued a trend that’s seen the value of all digital tokens surge past $2.25 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