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.
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.
U.Today Crypto Review: Ethereum (ETH) Loses 30-Day Progress, Shiba Inu's (SHIB) End of Bears; Bitcoin's (BTC) Last Recovery ChanceU.Today Crypto Digest: Strategy (MSTR) Buying Bitcoin Again, Bitmine Adds $108 Million Worth of Ethereum, XRP Price Flashes Major WarningXRP Price: Ripple CEO Predicts New All-Time Highs for Crypto MarketsMorning Crypto Report: Shiba Inu (SHIB) Price Suggests Bullish U-Turn in February, XRP Insider Signal? Ripple Boss Flirts With Community, Bitcoin Rockets 940% in Brutal $359 Million Liquidation Squeeze
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.
Arman Shirinyan
Dan Burgin
Alex Dovbnya
Denys Serhiichuk