On Friday, April 16, Dogecoin’s (DOGE) price surged all the way to $0.40 making it the sixth-largest cryptocurrency with a market cap of $50 billion. Wall Street veteran and Galaxy Digital founder Mike Novogratz compared the Dogecoin rally to the GameStop (NYSE: GME) frenzy earlier this year on Wall Street.
In his interview with Bloomberg Markets, Novogratz said that there’s a lot of “frothiness” within the “altcoin” market. He further added:
It’s a meme coin. There’s a lot of people on the Reddit chat room but Elon Musk and Mark Cuban are pumping it up. It doesn’t really have a purpose. It’s gotta community and maybe they can keep value there. I would be very very very worried if one my friends was investing in Dogecoin at these prices”.
Since the beginning of 2021, DOGE price has surged massively like 3x-4x so far. Moreover, Elon Musk has been quite instrumental in his support for Dogecoin. He was also joined by some popular personalities like Snoop Dog and billionaire Mark Cuban.
After hitting its all-time high yesterday, DOGE price has retraced like 30%. At press time, it is trading at $0.28 with a market cap of $35.8 billion.
Interestingly, ardent Bitcoin critic Peter Schiff comes out in support of Dogecoin pitching it against BTC. Of course, he doesn’t wish to support either crypto of the two.
So far in 2021 #Bitcoin has lost 97% of its value verses #Dogecoin. The market has spoken. Dogecoin is eating Bitcoin. All the Bitcoin pumpers who claim Bitcoin is better than gold because its price has risen more than gold's must now concede that Dogecoin is better than Bitcoin.
— Peter Schiff (@PeterSchiff) April 16, 2021
WallStreetBets and the Dogecoin Mania
As it turns out, the DOGE price shot to the roof on Friday after the Reddit group WallStreetBets started a new thread for crypto discussion on Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). This is the same Reddit group responsible for pumping GameStop and taking some of the biggest hedge funds for a ride.
But as it turns out, WallStreetBets has now reversed its decision to allow crypto discussions. A moderator said that the decision to discontinue crypto discussions arrived after some top publications like Bloomberg created an unnecessary frenzy. In the thread, the moderator wrote:
“RIP WSB CRYPTO 4/14-2021 – 4/15-2021”: Due to the article that was written @bloomberg who somehow felt that ‘Wallstreetbets Bows to Crypto.’ Crypto discussion is banned indefinitely. I’ve read a lot of dumb articles written about WSB. This one takes the cake. P.S. Like always. Please be respectful”.
- Do Kwon Says Terra Collecting Snapshot Data For LUNA Airdrop
- Top ETH Whales Add These DeFi Tokens Amid Crypto Volatility
- Here’s Why Bitcoin (BTC) Could Be In for Another 50% Correction Under $15,000
- Another Top Exchange To Delist Terra UST Over Collapse
- Just-In: Vitalik Buterin No Longer A Billionaire As Ethereum Crashes
- Bitcoin Price: Key Metrics Show Surprising Insights
- After Terra Crash, Galaxy Digital CEO Warns Against Bottom Buying
- Shiba Inu (SHIB) Prices May Jump Next Week; Here’s Why
- Is Andre Cronje Back On Fantom? FTM Jumps 13%
- PlanB Says Bear Market Almost Over, Bitcoin (BTC) In Buying Range
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?
- SAND Price Analysis: SAND Buyers Await Trendline Breakout To Go Long
- Avalanche Price Analysis: AVAX Sellers Tease $30 Fallout; Sell or Hold?
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark