Mike Novogratz, CEO of Galaxy Digital, stated that Dogecoin is a middle finger of the system. He added that many people, Millennials and Gen Z, turned to it because they were dissatisfied with the current financial system.
Dogecoin’s market cap is now $ 75 billion. These are more than many well-known companies that are titans in their respective industries, including Dell, Capital One, and Nintendo. Does Dogecoin ‘s success as a project with no active development or final purpose call into question the validity of the cryptocurrency as a whole?
Dogecoin as a people’s crypto
Dogecoin’s unreal growth is attracting serious attention. It found that a total of $ 3,200 invested in stimulus funds in DOGE would have resulted in over $ half a million at the time of payment.
This amazing feat has put Dogecoin in fourth place on CoinMarketCap. In addition, Binance Coin is in sight for an overtaking. Given the dynamic behind the movement, it wouldn’t be a shock if this happened.
Novogratz sees Dogecoin as a movement. He drew parallels between himself and the GameStop saga staged by the WallStreetBets crowd earlier this year. In their desire to teach Wall Street a lesson, they raised the price of GME, resulting in a loss of billions to the predatory short sellers.
“I think we should all listen to what Dogecoin says. It’s the same thing we heard when we saw GameStop. There is a group of young people, many of them, who are singing their voices loud and clear and saying, “Hey, we’re going to put our money into this.”
Novogratz points out that it is the coordinated action of many DOGE supporters that is behind the growth contrary to logic. Similar to GameStop, Dogecoin has come to represent a protest, but this time against financial differences.
“When you think about the whole spirit of this crypto revolution, there is something pure about what Dogecoin has done … It’s a bit of a middle finger for the system. People are dissatisfied with the current financial system. You just are. “
Is that a joke … coin?
There comes a point where a joke stops being funny. In the case of Dogecoin, perhaps that time is now, given the strength behind the coin.
Data on the Korean Composite Stock Price Index (KOSPI) shows an average daily volume of $ 9 billion. However, the demand for DOGE in Korea is so great that the Dogecoin volume far exceeds the KOSPI. The last 24 hour volume of DOGEKRW trading is $ 32 billion.
Add to this the growing narrative of Dogecoin as a payment method, and it seems like a purpose is being developed for DOGE. There are unconfirmed rumors that KFC Canada will accept DOGE. A tweet saying “We accept cash, cards and Dogecoin” has since been deleted.
While it was likely a joke, it still emphasizes Dogecoin’s now massive influence.
Source: DOGEUSD on TradingView.com
Comments are closed.