Photographer: Yuriko Nakao / Getty Images
Photographer: Yuriko Nakao / Getty Images
Dogecoin, a digital coin on the subject of Shiba Inu as a joke that became the latest obsession for retail traders this week, began to fall nearly half on Saturday, including a series of posts on Reddit and Twitter urging guards not to sell panic.
The digital coin is down 46% in the last 24 hours and was at $ 0.02582 as of 4:35 pm in New York on Saturday, according to CoinMarketCap data. The attack came after a big seven-fold rise Friday, when the coin reached more than $ 0.07.
Amid the rally, Robinhood immediately suspended investments for crypto purchases on Friday, citing “remarkable market conditions,” a spokesman said. told CNBC. Users could still use money invested in the platform to buy cryptos.
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Users on the Reddit thread SatoshiStreetBets – which calls itself the “crypto version of WallStreetBets” – forces others to hold on to Dogecoin and not switch to other cryptos.
“For those who say the hype is over … we have seen proof over the last 3-4 nights that our collective efforts are effective. The moment we lose each other the moment we fail, ”one said said the poster. “Look at the way money is printed. Doge could also use it. Never say never.”
Dogecoin has become the latest obsession of retail traders in part because Tesla Inc. founder Elon Musk posted a Twitter image of the cover of “Dogue” magazine with a whip in red clothing. Although no further explanation was given, many thought it was a reference to Dogecoin.
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In December, Musk’s tweet – “One word: Doge” – was picked up by some to mention the medal.
(Updates with background on the Robinhood trade restriction)