Dogecoin is the internet’s meme cryptocurrency that started out as a joke and has managed to stick around all this time and not only this, but it has become one of the top 5 cryptocurrencies in the crypto market. It has had the support of various influencers and billionaire businessmen around the world, such as Elon Musk and Mark Cuban. Cuban, who is the owner of an NBA team, is strongly chipping into the idea that the withdrawal limitations of Robinhood, which is a crypto trading app, are putting on some heavy strain over the success of Dogecoin among the crypto market.
Dogecoin used to be less than a penny, but since then, it has managed to reach an all-time high price of about $0.42 and is currently trading at $0.27. This pushback is not helping a steady growth for Dogecoin because it has to do with the withdrawal limitation imposed by the Robinhood crypto trading app.
Dogecoin Taking a Severe Hit due to the Withdrawal Issues
Mark Cuban was known as the person who was strictly against the idea of using Bitcoin for the sake of purchases or used as a payment option as, according to him, how on earth people would be able to spend any of it or purchasing it in the first place. This is due to the fact that it is so difficult to get your hands on and very costly. Cuban eventually ended up adding Dogecoin as the ultimate way for the people to be able to purchase the merchandise regarding his NBA team. As people can actually afford it, it makes this a standout cryptocurrency from the rest of the crowd.
But now, a major obstacle that Dogecoin has to face is the Robinhood trading platform and its peculiar withdrawal limits that are seriously affecting trading for a lot of casual traders and people who are new to this game. Robinhood app allows people to trade various cryptocurrencies and even hold onto them if they want to because the buying limit appeals to normal less investment-intensive people on this platform, but the recent withdrawal limits that have been imposed must be shredded if Dogecoin and various other cryptocurrencies are to rise.