Crypto assets consolidating as every Doge has its day

Every Doge has its day and today is his day.  Dogecoin, originally a meme-inspired joke cryptocurrency, has more than doubled in the past 24 or so hours, funnily having the last laugh at those who has brushed it as nothing serious.

Dogecoin was never intended back in 2013 by its developers – Billy Markus and Jackson Palmer, two software engineers who worked for IBM and Adobe respectively,  to become a virtual currency to serve as anything more than a comedic parody of Bitcoin. Inspired by the popular doge meme, the founders saw no real purpose for the coin beyond generating laughs.

Whether serious or for fun, Tesla CEO Elon Musk has given the currency significant credence with a pat of tweets and the craze has since gave a meteoric rise to the currency.

Dogecoin’s incredible rally can only be linked to this hype. Otherwise, the currency doesn’t provide a unique or special investment rationale to justify this valuation and it doesn’t serve a specific market need not met by the other major cryptos. It is essentially nothing special.

Doge was changing hands at US $0.005 on January 1 this year and now at US $0.68 with a market cap of near US $90 billion.

Looking at the overall market trend beyond Doge, not much is going on with in the other cryptos and there exist market-wide stall of momentum. Furthermore, the market split in cryptocurrencies is still prevailing.

Ethereum, or ether for short (ETH) hit a new all-time high of about  US $3,500 on Tuesday, after breaking the $3,000-mark for the first time on Monday.  It has since lost the ground a bit.

At the time of publication, Bitcoin (BTC) is changing virtual hands at US $55,200, Ether (ETH) at US $3,300, ripple (XRP) at US $1.46, Binance Coin (BNB) US $648, Dogecoin (DOGE) at US $0.67, ChainLink (Link) at US $48, cardano (ADA) at US $1.33, UniSwap (UNI) at US $43 and Polkadot (DOT) at US $37.

 

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