Home Stock This dogecoin chart gives the clearest explanation for the public opinion surrounding...

This dogecoin chart gives the clearest explanation for the public opinion surrounding cryptocurrencies ‘joke’.


Dogecoin, dogecoin, dogecoin!

That must be what bitcoin holders are saying lately. Owner of the world’s No. 1 cryptocurrency, like Jan from 1970s sitcom, “TMr. Brady Bunch,It must feel as if they are living in the shadows of a more attractive and attractive sister cryptocurrency.

For Jan Brady, that sister is Marcia. As for bitcoin, it’s been dogecoin, for the past year or so.

MarketWatch / iStockphoto

The numbers tell the clearest story, dogecoin hit a record value of 45.04 coins on Friday on CoinDesk, with a 24-hour trading volume of $ 69,485,678,473, according to CoinMarketCap.

Dogecoin
DOGEUSD,
+ 83.55%

has risen 170% in the past day and has soared more than 7,252% so far this year, bringing its market value to more than 40 billion dollars, casting out some millionaires on paper, eagerly showcasing their new breeze found on social media and declaring a “hodl” commitment until the end.

It’s a great move for a cryptocurrency designed as a joke in 2013, and now championed by billionaire Mark Cuban, who currently accepts doge as pay for tickets to his NBA franchiseand Tesla Inc.
TSLA,
+ 0.13%

CEO Elon Musk, who used his Twitter account to openly push the price of doge higher, draw criticism from some Wall Street investors.

By comparison, bitcoin is down less than 1% in the past day and is at $ 61,796 on Friday afternoon. So far, it has grown by 112% relatively normal by 2021.

Traditional assets have seen a significant increase over crypto services, albeit with much less volatility.

Dow Jones industrial average
DJIA,
+ 0.48%

and S&P 500
SPX,
+ 0.36%

up more than 11%, so far this year and the Nasdaq Composite Index
COMP,
+ 0.10%

has increased by 8.8% over the same period. Gold futures contract
GC00,
+ 0.56%
,
meanwhile, down more than 6% year-to-date.

Cryptocurrency catalysts are difficult to peg but moves have seen a new boom after listing on the Nasdaq of crypto platform Coinbase Global
COIN,
+ 5.96%

on Wednesday, a watershed moment for complex digital assets.

Many are still warning that dogecoin is reflecting the seething excitement in the market and warning that new investors may take a lot of damage when jumping on dogecoin and other cryptocurrencies with both feet.

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