Controversial stock and exchange-trading app Robinhood blocks investors from buying and selling Dogecoin after the new cryptocurrency spiked to an all-time high on Tuesday.
Robinhood is trying to slow the #dogecoin community down smh pic.twitter.com/uQzBGGLnPe
— 9JABOI (@9_jaboi) April 15, 2021
The last time Dogecoin saw a spike of this caliber was back in February after Tesla billionaire Elon Musk promoted the cryptocurrency. However, Dogecoin took an unfortunate turn in March and the spike began to fall before resuming its rise in mid-April.
On April 13, the cryptocurrency hit a record price of $0.115 making one Dogecoin worth more than a US nickel. The meme coin, based on the popular shiba inu, went as high as $0.30 on April 16 before dropping back down to a new floor in the 20-cent range.
1 #Dogecoin is currently worth more than an actual Nickel. Think about that for a minute
— Dogeeee (@Dogecoinrich) February 6, 2021
Robinhood was at the forefront of a national media firestorm back in January after restricting GameStop and AMC trades in an attempt to manipulate the market to protect Wall Street hedge funds. Therefore, Robinhood’s restriction of Dogecoin should not come as a surprise.
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