Dogecoin Warnings As DOGE Gains 5,000% This Year
Although the demise of Dogecoin has been predicted many times in worldwide media, the meme currency refuses to go away.
Now with Elon Musk due to host Saturday Night Live, fans of the popular crypto are hoping it will get its pop culture debut.
Dogecoin has fallen some 50% from its recent all-time-high as of late, but has regained all this in the past week and is currently trading around $0,38 again. The Dogecoin to $1 bet does not look impossible anymore (even though that would mean the joke crypto is worth more than many Wall Street companies).
Forbes writer Billy Bambrough, who informs the Wall Street readership on the latest developments in the crypto space, admitted over the weekend that Doge is still the crypto king.
In the past few months, it has run up some 5,000%.
For those that have believed in it from the beginning, the returns are quite phenomenal. Popular crypto trader CryptoKaleo reminded everyone that he invested and hyped the coin since June of last year already.
Currency of the internet
Not everyone is a believer though. Professor Carol Alexander, who teaches business as the University of Sussex, explained in the British press this week that she believed Elon Musk’s tweets were not to be taken serious when it comes to Dogecoin.
Musk is wrong to think that Dogecoin is the currency of the Internet. It cannot be that in any real sense.
Explaining to readers of The Express the real backbone of crypto, she stated:
Ethereum and other platform coins like Dot, Iota and Cardano are the currency of the Internet. Just as the US dollar is the unit of trade in traditional markets, Bitcoin has become the unit of account in crypto markets. There are two reasons why – first, Bitcoin is accepted as payment by many large companies and those operating on the dark web, and it is held in vast quantities by huge mining-pool conglomerates. Dogecoin does not have the potential to take either of these roles.