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Amid the memestock fervor in the first half of 2021, which briefly boosted Robinhood’s revenue to all-time highs, traders flocked to the online brokerage to buy and sell Dogecoin.
Robinhood once again had trading issues on its platform, following the recent spike in Dogecoin's rally. See: Webull vs. Robinhood -- Which Is Best for You in 2021? Find: Robinhood Files for IPO ...
Image source: Getty Images. Dogecoin could reach $1, but it probably won't stay there. Dogecoin's post-election rally recently stalled at $0.47, which is still way below its record high from 2021.
Robinhood co-founder Baiju Bhatt (left) and moderator Josh Constine (right) speak onstage during Day 2 of TechCrunch Disrupt SF 2018 at the Moscone Center on September 6, 2018, in San Francisco, California. Robinhood Markets, Inc. is an American financial services company headquartered in Menlo Park, California.
In January 2021, Dogecoin went up over 800% in 24 hours, reaching $0.07, as a result of attention from Reddit users, partially encouraged by Elon Musk and the GameStop short squeeze. [39] In February 2021, Dogecoin hit a new high price of $0.08 following Twitter encouragement from Musk, Snoop Dogg and Gene Simmons. [40]
As the chart shows, the price of Dogecoin really began to kick into gear around early November. In fact, since Election Day (Nov. 5), the price of Dogecoin has gained 112% as of Jan. 13.
In addition, the price of Bitcoin, the world's largest cryptocurrency, increased 20 percent in value to more than $37,000 after Elon Musk endorsed it in his Twitter bio, partially related to the surge in the GameStop share price by Reddit users. [154] Robinhood then began limiting the trading on Dogecoin. [155]
But, at any moment, the hype bubble could collapse, and the price of Dogecoin could fall to zero. Consider what happened in 2021. In early January, Dogecoin was trading for just $0.01. After a ...
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