<p><img src="https://static2.businessinsider.com/image/601403326dfbe10018e00ae2-2400/shutterstock_1124605871.jpg" border="0" alt="Dogecoin icon on the phone" data-mce-source="Piotr Swat/Shutterstock.com" data-mce-caption="Dogecoin" data-link="https://www.shutterstock.com/image-photo/konskie-poland-july-01-2018-dogecoin-1124605871"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul class="summary-list"><li>Dogecoin's rise extended Friday as the crypto-themed subreddit SatoshiStreetBets fueled a further rally. </li><li>Bitcoin too climbed 15% on the same day after Elon Musk changed his Twitter bio to include it.</li><li>Robinhood temporarily restricted crypto trading on its platform due to "extraordinary market conditions."</li><li><strong><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest" target="_blank" rel="noopener noreferrer">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</strong></li></ul><hr><p>The Reddit-inspired market mania sent the price of meme-based digital asset Dogecoin soaring on Friday, which catapulted the token into the top 10 cryptocurrencies by market capitalization.</p><p>Dogecoin jumped over 600% in the last 24 hours to a trading point of $0.0779 in early European trading. That pushed its market value to about $9 billion, ranking it at seven among cryptocurrencies, according to data from <a href="https://finance.yahoo.com/quote/DOGE-USD/">Coin Gecko</a>.</p><p>Crypto rival Bitcoin also climbed 15% on the same day after <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-billionaire-elon-musk-changes-twitter-bio-to-bitcoin-2021-1-1030019268">Elon Musk changed his Twitter bio</a> to simply say: "#bitcoin." Prior to that, Musk <a href="https://twitter.com/elonmusk/status/1354924057825837060">touted Dogecoin</a> by posting a mock magazine cover of "Dogue"a play on the fashion title Vogue. The billionaire has previously referred to it as his <a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-crypto-reddit-traders-satoshistreetbets-trigger-copycat-wsb-rally-2021-1-1030015774">favorite cryptocurrency</a>. </p><p><strong><em>Read More:</em></strong> <a href="https://www.businessinsider.com/stock-picks-to-buy-expected-outperform-earnings-2022-morgan-stanley-2021-1"><em>MORGAN STANLEY: Buy these 17 stocks with strong earnings that are expected to outperform into 2022 even if the broader market sinks</em></a></p><p><img src="https://static5.businessinsider.com/image/60142333a7c0c4001991dd12-788/Screenshot 2021-01-29 at 150012.png" border="0" alt="Screenshot 2021 01 29 at 15.00.12" data-mce-source="@elonmusk/Twitter"></p><p>A crypto-themed version of the Wall Street Bets forum has been attempting to push the digital token higher to make money. By creating a hype around the coin, the <a href="https://www.reddit.com/r/SatoshiStreetBets/">SatoshiStreetBets</a> subreddit is aiming for a $1 price target for Dogecoin.</p><p>The recent frenzy led online brokerage Robinhood to <a href="https://markets.businessinsider.com/currencies/news/robinhood-restricts-crypto-trading-temporarily-bitcoin-dogecoin-cnbc-2021-1-1030019973">restrict crypto trading temporarily</a>. "Due to extraordinary market conditions, we've temporarily turned off instant buying power for crypto," a Robinhood spokesperson told CNBC. "Customers can still use settled funds to buy crypto. We'll keep monitoring market conditions and communicating with our customers."</p><p><strong><em>Read More: </em></strong><a href="https://www.businessinsider.com/option-investing-strategies-downside-protection-ubs-reddit-stock-frenzy-2021-1"><em>As Redditors flood the stock market, UBS breaks down 6 options strategies investors can use right now to protect their portfolios</em></a></p><p><strong>SEE ALSO: <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-billionaire-elon-musk-changes-twitter-bio-to-bitcoin-2021-1-1030019268" >Bitcoin climbs 15% after billionaire Elon Musk changes his Twitter bio to include it</a></strong></p><p><a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-reddit-frenzy-pushes-top-10-cryptocurrencies-market-cap-2021-1-1030020764#comments">Join the conversation about this story »</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/racist-origins-marijuana-prohibition-legalization-2018-2">The racist origins of marijuana prohibition</a></p>
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