What Occurred: After constantly rallying over the previous week, Dogecoin’s market cap reached a excessive of almost $54.45 billion, in keeping with CoinMarketCap.
This locations the coin above Ford’s market cap at $46.31 billion and Kraft Heinz’s at $48.84 billion.
See additionally: How to Buy Ford Stock
“Nobody thinks these blue-chip shares are all that akin to Dogecoin, a fringe asset with no actual objective past being a joke on social media. However the similarity of their market values underscores the growth in cryptocurrencies that’s taken Wall Avenue by storm,” Bloomberg reported.
What Else: Mike Novogratz — the CEO and chairman of crypto asset financial institution Galaxy Digital — advised CNBC in the present day that he believes Dogecoin’s rise is far much like the latest Gamestop (NYSE:GME) rally.
“Dogecoin speaks so much to the identical motion that Gamestop did. There’s a form of loopy pleasure round very younger traders round meme cash and meme concepts. I imply, it is surprising to me that Gamestop continues simply to carry any worth, not to mention, , $10-$12 billion market cap… Dogecoin is much more weird in that respect,” Novogratz mentioned.
“All of that is occurring as a result of the rates of interest are zero,” he added.
Speaking about Bitcoin (CRYPTO: BTC), Novogratz additionally mentioned that he expects it to consolidate close to its present worth following the latest consolidation, and he’s bullish on it for each the medium and long run.
See Additionally: Will Ethereum Or Dogecoin Grow More By 2022?
Picture: Horsebalm by way of Reddit
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