Dogecoin, dogecoin, dogecoin!
That should be what bitcoin holders have been saying lately. The owners of cryptography no. 1 of the world, like Jan from the seventies-era sitcom, “The Brady Bunch,” must feel like they’ve lived in the shadow of a more intriguing and compelling sister cryptography.
For Jan Brady, that sister was Marcia. For Bitcoin, for the past year it has been dogecoin.
MarketWatch / iStockphoto
The figures tell the clearest story: dogecoin hit a record 45.04 cents on Friday on CoinDesk, with a 24.4-hour trading volume of $ 69,485,678,473, according to CoinMarketCap.
Dogecoin DOGEUSD,
has risen 170% in the last day and shot up more than 7,252% so far this year, bringing its market value to more than $ 40 billion, minting several millionaires on paper, eager to show its new wind on social media and announce their commitment to “hodl” to the end.
It’s an amazing move for a crypto designed as a joke in 2013, and now defended by billionaire Mark Cuban, who now accepts the doge as payment for tickets to his NBA franchise, and Tesla Inc. TSLA,
CEO Elon Musk, who has used his Twitter account to openly raise the price of the doge, is raising criticism from some Wall Street investors.
By comparison, bitcoin has fallen less than 1% in the last day and stands at $ 61,796 on Friday afternoon. So far it has increased by 112% comparatively worldly.
Traditional assets have seen pedestrians gain directly compared to cryptocurrency offerings, albeit with much less volatility.
The Dow Jones Industrial Average DJIA,
and the S&P 500 SPX,
have risen more than 11% so far this year and the Nasdaq Composite Index COMP,
has increased by 8.8% in the same period. GC00 Gold Futures,
meanwhile, they have fallen above 6% in the previous year.
The catalyst for earnings for cryptography is hard to pin down, but movements have seen a renewed explosion following the publication on the Nasdaq of the cryptocurrency platform Coinbase Global COIN,
Wednesday, pivotal time for the digital asset complex.
Many still warn that dogecoin reflects the euphoria looming in the market and warn that new investors could be greatly harmed by jumping on dogecoin and other cryptocurrencies with both feet.