Dogecoin Value Surges 50% As Crypto Craze Crashes Trading Apps in US and India

Meme-based cryptocurrency Dogecoin surged as a lot as 50 p.c once more between Tuesday, May 4 and Wednesday, May 5. The surge in the worth additionally led to the crashing of the Robinhood buying and selling app in the US, and WazirX buying and selling platform in India. Apart from Dogecoin, different cryptocurencies additionally noticed a major surge, with Dash spiking as a lot as 14 p.c and Ethereum Classic leaping at greater than 30 p.c. According to a report in Bloomberg that cited knowledge from CoinMarketCap.com, different tokens like Force DAO and Tierion surged greater than 1,000 p.c on Tuesday. “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 funding administration at Huntington Private Bank was quoted by Bloomberg as saying.

The spike in Dogecoin’s worth additionally led to a crash in WazirX, one in every of India’s largest cryptocurrency buying and selling platforms for about an hour on Tuesday, May 4. The WazirX app, which was again up and operating later in the evening, was once more reported to be crashing on Wednesday, May 5 morning. Dogecoin, which was initially began as a joke in response to a meme about canine in 2013, has seen its worth shoot up multi-fold in the final one 12 months. Dogecoin was valued at 0.002 cents a 12 months in the past, and is at present buying and selling at over $0.77 (roughly Rs 57).