- Dogecoin’s rise extended Friday as the crypto-themed subreddit SatoshiStreetBets fueled a further rally.
- Bitcoin too climbed 15% on the same day after Elon Musk changed his Twitter bio to include it.
- Robinhood temporarily restricted crypto trading on its platform due to “extraordinary market conditions.”
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The Reddit-inspired market mania sent the price of meme-based digital asset Dogecoin soaring on Friday, which catapulted the token into the top 10 cryptocurrencies by market capitalization.
Dogecoin jumped over 600% in the last 24 hours to a trading point of $0.0779 in early European trading. That pushed its market value to about $9 billion, ranking it at seven among cryptocurrencies, according to data from Coin Gecko.
Crypto rival Bitcoin also climbed 15% on the same day after Elon Musk changed his Twitter bio to simply say: “#bitcoin.” Prior to that, Musk touted Dogecoin by posting a mock magazine cover of “Dogue” – a play on the fashion title Vogue. The billionaire has previously referred to it as his favorite cryptocurrency.