Longtime cryptocurrency bull Mike Novogratz has warned against short circuit Dogecoin (DOGE), citing retail investor interest in the meme cryptocurrency, CNBC reported on Tuesday.
What happened: CEO and founder of the cryptocurrency investment company Galaxy Digital Holdings Ltd.. (OTC: BRPHF) told CNBC’s Squawk Box that while it would be “dangerous to be short” at Dogecoin, he would not hold a long position either.
Novogratz cited retail investor interest in Dogecoin, noting that Dogecoin talks a lot about the same move GameStop Corp.. (NYSE: GME) did so because of the crazy enthusiasm of very young investors about meme assets.
See also: How to buy Dogecoin (DOGE)
“Retail has pieces between its teeth in many ways. Don’t give up GameStop. Don’t give up dogecoin now, “Novogratz said.
Novogratz also noted that although Bitcoin (BTC) and Dogecoin have held strong rallies this year, they are very different in terms of design and risk profiles.
Bitcoin, launched in 2009, is the largest digital currency in the world and is growing in adoption. On the other hand, Dogecoin was started as a joke in 2013 and has literally “two guys who own 30% of the entire offer,” Novogratz added.
Why does it matter: Dogecoin has started to draw attention around the frenzy of Reddit-fed GameStop stock trading earlier this year. Shiba Inu-themed cryptocurrency, which hit a record high of $ 0.4377 last Friday, has now emerged as a retail investor’s favorite.
See also: Do you want to shorten Dogecoin? Inconceivable – But here’s how you can
Dogecoin’s dominance of the cryptocurrency market has grown to almost 2% and is now the sixth largest cryptocurrency on the market, according to CoinMarketCap. However, altcoin has fallen 19.2% in the last 24 hours and is trading at USD 0.3083 per press hour.
Dogecoin also receives increased support from large corporations, including Conagra Brands Inc. (NYSE: CAG), which uses the joke cryptocurrency for marketing purposes.
On Monday, candy bar brands Snickers and Milky Way promoted the cryptocurrency before “Doge Day”. Newegg Inc. online retailer stated that it will now accept Dogecoin as the official payment method on its website.
Read more: Season Of Of Alt? As Dogecoin moves, similar issues are flourishing
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