What Happened: After consistently rallying over the past week, Dogecoin’s market cap reached a high of nearly $54.45 billion, according to CoinMarketCap.
This places the coin above Ford’s market cap at $46.31 billion and Kraft Heinz’s at $48.84 billion.
“No one thinks these blue-chip stocks are all that comparable to Dogecoin, a fringe asset with no real purpose beyond being a joke on social media. But the similarity of their market values underscores the boom in cryptocurrencies that’s taken Wall Street by storm,” Bloomberg reported.
What Else: Mike Novogratz — the CEO and chairman of crypto asset bank Galaxy Digital — told CNBC today that he believes Dogecoin’s rise is much similar to the recent Gamestop (NYSE:GME) rally.
“Dogecoin speaks a lot to the same movement that Gamestop did. There is a kind of crazy excitement around very young investors around meme coins and meme ideas. I mean, it’s shocking to me that Gamestop continues just to hold any value, let alone, you know, $10-$12 billion market cap… Dogecoin is even more bizarre in that respect,” Novogratz said.
“All of this is happening because the interest rates are zero,” he added.
Talking about Bitcoin (CRYPTO: BTC), Novogratz also said that he expects it to consolidate near its current price following the recent consolidation, and he is bullish on it for both the medium and long term.
Image: Horsebalm via Reddit
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