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Dogecoin’s Market Cap Grows to $90 Billion, But Spencer Bogart Warns It Has No Real Users

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Wed, 05/05/2021 - 05:56
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Alex Dovbnya
Blockchain Capital’s Spencer Bogart claims Dogecoin has no real users
Dogecoin’s Market Cap Grows to $90 Billion, But Spencer Bogart Warns It Has No Real Users
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The market cap of Dogecoin has just reached $90 billion, which is an extremely impressive feat for the cryptocurrency that continues to be dismissed as a joke. It is now bigger than Snapchat and Xiaomi.       

Dogecoin has rocketed 17,893 percent in 2021, with the likes of Elon Musk, Mike Cuban, and Snoop Dogg actively promoting it.
Yet, some industry leaders are encouraging market participants to take off their rose-colored glasses and take a sober look at the meme cryptocurrency.

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During a recent Bloomberg interview, Spencer Bogart, general partner at Blockchain Capital, warned Dogecoin fans that the Shiba Inu-themed coin has no real users and developers

You know, it’s a functional network, so we will give it that credit (that it does work). But there’s no real users, no developers building on it.

Bogart adds that Doge is “the perfect target” for a “fun guy” like Elon Musk:  

He likes jokes. You know, he’s a fun guy. He likes memes, and Doge is the perfect target for it.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.