Robinhood trading app restricted trading in cryptocurrencies as the price of bitcoin, and a meme-inspired coin token that began as a joke and accelerated rapidly, according to a report in CNBC.

Users reported the trading app had halted instant deposits for crypto purchases and only allowed users to buy currencies with funds already deposited in their accounts or settled funds, named so because it can take up to five business days for a deposit to clear, according to Robinhood.

Robinhood confirmed their decision to stop instant deposits saying it switched off trading 'due to extraordinary market conditions,' a Robinhood spokesperson said in an email statement to CNBC.

These conditions are believed to have occurred once a dogecoin, a digital coin based on a popular 'doge' meme spiked in sales as much as 800%. The word 'doge' refers to any dog with a resemblance to a Japanese Shiba named Kabosu, the original star of a meme created by its owner Atsuko Sato. Kabosu had a habit of making un-doglike expressions and Sato turned the photos into a meme.