- FTSE 100 up 27 points
- Dogecoin rockets 94%
- Ashmore posts fall in assets under management
9.45am: Crypto frenzy continues as Dogecoin nearly doubles in a day
FTSE 100 trimmed its gains in mid-morning, advancing 27 points to 7,010.
The market debut of (NASDAQ:COIN) has sparked a frenzy in cryptocurrency, with meme-inspired token Dogecoin rocketing 94% to US$0.2612 in a day.
Dogecoin was created in 2013 by two software engineers to be a payment system that reached a broader demographic and also a way to distance crypto from other controversial tokens such as Bitcoin.
The “unprecedented demand” caused issues on Robinhood overnight, but the trading platform had its crypto services fully restored by early morning.
Unsurprisingly, the surge was helped by Elon Musk’s endorsement on Twitter.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
Coinbase closed Thursday’s session at US$322.75, which gives it a market cap of US$65.3bn.
“Now, traditional asset managers inevitably question whether Coinbase’s market…
