Dogecoin, the digital currency with a dog as its logo, has gone from joke to smash hit, more than doubling Friday to an all-time record of 30 cents.
Dogecoin may have been helped by an outage at trading app Robinhood that impacted trading in cryptocurrencies on its platform in the U.S. late Thursday.
“Crypto trading is now fully restored. Like others, we were experiencing unprecedented demand for Robinhood Crypto services, which created issues with crypto trading. We’ve resolved the issue and apologize for the inconvenience,” Robinhood said on its website.
Robinhood’s website had previously shown a post at 9:49 p.m. ET about the problem, and subsequent posts saying “we are continuing to investigate this issue.”
Robinhood was accused by investors of restricting trading in Dogecoin. But it denied that, tweeting, “No, we didn’t place restrictions on $DOGE trading. This is false information.”
Dogecoin recently traded at 30 cents, up 139%, and has risen 300% in the past week. Excitement around the IPO of Coinbase, the largest U.S. cryptocurrency exchange, has stoked interest in cryptocurrencies, sending the two largest currencies, bitcoin and ether, to all-time highs as well.
Dogecoin has also risen in past months on positive tweets from Elon Musk, who has called it "the people's crypto." On Thursday morning, Musk tweeted "Doge barking at the moon" along with a picture of Joan Miró's painting, Dogs Barking at the Moon.
Dogecoin was launched eight years ago by Jackson Palmer and Billy Markus as a joke. It has the image of a Shiba Inu dog as its logo.
“While it was created seemingly as a joke, Dogecoin's blockchain still has merit. Its underlying technology is derived from Litecoin,” according to Investopedia. “Notable features of Dogecoin, which uses a scrypt algorithm, are its low price and unlimited supply.”
Rapper Snoop Dogg and Kiss bassist Gene Simmons have expressed support for dogecoin, too.