Dogecoin, dogecoin, dogecoin!
This is what bitcoin holders have been saying lately. Owners of the world’s no. 1-crypto, like Jan from the sitcom, The Brady Bunch, from the 1970s, must feel like they lived in the shadow of a more intriguing and compelling sister crypto.
For Jan Brady, that sister was Marcia. For bitcoin, it has been dogecoin for the past year.
MarketWatch / iStockphoto
The numbers tell the clearest story: dogecoin hit a record high of 45.04 cents on CoinDesk on Friday, with a 24-hour trading volume of $ 69,485,678,473, according to CoinMarketCap.
Dogecoin DOGEUSD,
has risen 170% in the past day and has risen more than 7.252% so far this year, with its market value to more than $ 40 billion, which has hit a number of millionaires on paper, and is eager to show their newfound windfall on social media and to announce their commitment to “hodl” to the end.
This is a great move for a crypto designed as a joke in 2013, and now by billionaire Mark Cuban, who now accepts doge as payment for tickets to his NBA franchise, and TESla Inc. TSLA accepted.
CEO Elon Musk, who used his Twitter account to openly raise the price of dogs, drew criticism from some Wall Street investors.
By comparison, bitcoin has fallen less than 1% in the past day and stands at $ 61,796 on Friday afternoon. This is a relatively everyday 112% in 2021 so far.
Traditional assets have direct pedestrian increases compared to the crypto offerings, although with much less volatility.
The Dow Jones Industrial Average DJIA,
and the S&P 500 SPX,
so far this year has risen by more than 11% and the Nasdaq Composite Index COMP,
increased by 8.8% in the same period. Gold futures GC00,
meanwhile, it is down more than 6% in the year so far.
The catalyst for profits for crypto is difficult to determine, but the moves experienced a renewed eruption after the listing on Nasdaq of the crypto platform Coinbase Global COIN,
on Wednesday, a watershed moment for the digital asset complex.
Many people still warn that dogecoin reflects the euphoria bubbling up in the market and warn that new investors can do a lot of damage by jumping into dogecoin and other crypto with both feet.