This dogecoin chart offers the clearest explanation for the buzz surrounding the ‘joke’ crypto

Dogecoin, Dogecoin, Dogecoin!

Bitcoin holders have had to say that lately. Owners of the world’s leading crypto, like Jan from the 1970s sitcom, “T.he Brady Bunch,Must feel like they lived in the shadow of some more intriguing and compelling sister crypto.

For Jan Brady this sister was Marcia. For Bitcoin, it was Dogecoin last year.

MarketWatch / iStockphoto

The numbers tell the clearest story: According to CoinMarketCap, Dogecoin hit a record 45.04 cents on CoinDesk on Friday with a 24-hour trading volume of 69,485,678,473 USD.

Dogecoin
DOGEUSD, -26.31%
rose 170% last day and has soared more than 7,252% so far this year, bringing its market value to well over $ 40 billion. coin a number of millionaires on paperwho are eager to demonstrate their newly discovered gust of wind on social media and to announce their commitment to “Hodl” until the end.

It’s an amazing move for a crypto that was created as a joke in 2013 and is now championed by billionaire Mark Cuban, who is now accepting Doge as Pay for tickets to his NBA franchiseand Tesla Inc.
TSLA, + 0.13%
CEO Elon Musk, who used his Twitter account to openly raise the price for Dogen, is pulling Criticism from some Wall Street investors.

By comparison, Bitcoin was down less than 1% on the past day, trading at $ 61,796 on Friday afternoon. So far it has increased by a comparatively secular 112% in 2021.

Traditional assets saw significant increases for pedestrians compared to crypto offerings, albeit with far less volatility.

The Dow Jones industrial average
DJIA, + 0.48%
and the S&P 500
SPX, + 0.36%
are up over 11% this year and the Nasdaq Composite Index
COMP, + 0.10%
rose by 8.8% in the same period. Gold futures
GC00, + 0.59%,
In the meantime, they have fallen by over 6% in the year to date.

The catalyst for profits in crypto is hard to pin down, but the moves have seen another outbreak after the crypto platform Coinbase Global was listed on the Nasdaq
COIN + 5.96%
On Wednesday, a turning point for the digital asset complex.

Many still warn that Dogecoin reflects the euphoria that is rising in the market and warns that new investors might be Badly damaged by jumping into Dogecoin and other crypto with both feet.

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Jack

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