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Created in 2013 as a joke, Dogecoin gained more than 50% this week, pushing it in 4th place in terms of market capitalization. This massive increase crashed the Robinhood trading app, who said they have now solved the previously encountered problems.
On Tuesday alone, Doge has jumped by over 33%. Other crypto exchanges such as Gemini consequently announced that they will start supporting the cryptocurrency, allowing it to be traded in their platforms.
Obviously, Dogecoin's rally has caught the attention of many on Wall Street, not to mention the Federal Reserve.
And, as a sign of its growing popularity, Robinhood is now one of the ten most downloaded apps on the Apple App Store.
Aside from that, over the past week, Ethereum and Dogecoin have become the leaders of cryptocurrencies, conquering new all-time highs. Bitcoin, on the other hand, continued to fall, slipping by more than 5%.
But many believe that Dogecoin will pull back soon, returning to its previous levels. Until that happens, investors will take advantage of the current momentum and push it into higher values.
Well-known crypto investor Mike Novogratz warned that rallies could be volatile so investors should be careful when trading Dogecoin.
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