Speaking to Yahoo Finance, Novogratz said dogecoin’s spike in value is a retail phenomenon due to the supply of more money into the economy by the federal reserve. Furthermore, Novogratz compared the rise with the GameStop stock that surged to historical highs fuelled by discussions on social media platform Reddit. The bitcoin bull also warned against putting the asset into a portfolio. According to Novogratz:
Novogratz dismisses bitcoin and doge comparisons
The dogecoin boom has earned the asset comparisons to the recent bitcoin rally. However, Novogratz has cautioned against comparing the two assets. According to Novogratz: Bitcoin has sustained its rally from the start of the year, hitting a new record price of almost $65,000. The April 14, 2021 record price was attained after crypto exchange Coinbase listed on Nasdaq. The rise of dogecoin has witnessed several Wall Street leading figures and celebrities endorsing the asset. The cryptocurrency skyrocketed after electric vehicle manufacturer Tesla (NASDAQ: TSLA) CEO Elon Musk tweeted backing the digital currency. By press time, Dogecoin was trading at $0.261, having dropped 17% in the last 24 hours based on data provided by CoinMarketCap. On a year-to-date basis, doge has surged by at least 6,000%. [binance]
