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26000% Gains In 6 Months, 12000% YTD: This Asset Seems To Be A Bubble

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The cryptocurrency 'Dogecoin' has had a spectacular run of more than 26000 percent in just 6-months and on a year to date basis, the memecoin has delivered almost 12000 percent gains. On Friday (May 7, 2021), Dogecoin hit a fresh high and as per Coindesk commands a market cap of $92.52 billion and quotes at $0.715.

 

26000% Gains In 6 Months, 12000% YTD: This Asset Seems To Be A Bubble

Dogecoin was launched in the year 2013 by software engineers Billy Markus and Jackson Palmers in order to mock at bitcoin and other altcoins which boasted of big plans to take over the world. This crypto was christened after the famous "doge" shiba inu meme. Dogecoin aimed at being a faster but 'fun' alternative to bitcoin.

Data from CoinMarketCap suggests that during the last six-month period, the US S&P index gained 19%, while crypto bitcoin and ethereum moved higher by 286 percent and 698 percent, respectively.

"The joke is on Wall Street this time," said Mati Greenspan, portfolio manager and founder of Quantum Economics. "What you have is a situation where teens on TikTok are outperforming even the smartest suits by thousands of percentage points."

Ahead of Tesla's Elon Musk's forthcoming appearance on 'Saturday Night Live', a live American comedy show, the stock has climbed over 50 percent in the last two days.

Should You Invest In Dogecoin?

As per experts investors' interest is the only reason propelling the crypto to scale new highs. "Eventually, they are going to see that they have made so much profit and they will take it out. Nobody wants to keep their money forever in Dogecoin. Treat it as a fun little side game," Vikram Rangala CMO, ZebPay is quoted as saying in a leading business magazine. Dogecoin is a bubble, he added and asked serious crypto investors to opt for bitcoin and ether.

GoodReturns.in

Read more about: bitcoin cryptocurrency dogecoin
Story first published: Saturday, May 8, 2021, 17:37 [IST]
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