Meme-based cryptocurrency Dogecoin surged as much as 50 percent again between Tuesday, May 4 and Wednesday, May 5. The surge in the value also led to the crashing of the Robinhood trading app in the US, and WazirX trading platform in India. Apart from Dogecoin, other cryptocurencies also saw a significant surge, with Dash spiking as much as 14 percent and Ethereum Classic jumping at more than 30 percent. According to a report in Bloomberg that cited data from CoinMarketCap.com, other tokens like Force DAO and Tierion surged more than 1,000 percent 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 investment management at Huntington Private Bank was quoted by Bloomberg as saying.
The spike in Dogecoin’s price also led to a crash in WazirX, one of India’s largest cryptocurrency trading platforms for about an hour on Tuesday, May 4. The WazirX app, which was back up and running later in the night, was again reported to be crashing on Wednesday, May 5 morning. Dogecoin, which was originally started as a joke in response to a meme about dogs in 2013, has seen its value shoot up multi-fold in the last one year. Dogecoin was valued at 0.002 cents a year ago, and is currently trading at over $0.77 (roughly Rs 57).
As Dogecoin, Ethereum, and other cryptocurrencies posted a significant surge in the past 24 hours, the most common cryptocurrency Bitcoin slumped as much as 5.7 percent, the third straight decline.