Tuesday, May 11, 2021

Galaxy Digital founder Mike Novogratz compares the Dogecoin rally to the GameStop frenzy.

The Takeaway:

Wall Street veteran and Galaxy Digital founder Mike Novogratz compared the Dogecoin rally to the GameStop frenzy earlier this year on Wall Street.

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Earlier this week, 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 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. 

 

“Elon Musk and Mark Cuban are pumping it up.”

Novogratz said, “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 worried if one of my friends was investing in Dogecoin at these prices”. Since the beginning of this year, meme-based cryptocurrency has surged more than 3x-4x. Elon Musk has been quite instrumental in his support for Dogecoin, even if as a joke. He was also joined by some popular personalities like Snoop Dog and billionaire Mark Cuban.

 

 DOGE price has retraced like 30%.

After hitting it’s all-time high yesterday, Dogecoin’s price has retraced like 30%. At the time of writing, 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. As it turns out, the price of Dogecoin shot to the roof earlier this week after the Reddit group WallStreetBets started a new thread for crypto discussion on Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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