Dogecoin
Over the past few weeks, Dogecoin (DOGE) has captured market attention with an extraordinary rally, outpacing Bitcoin (BTC) and most other altcoins. The meme-inspired cryptocurrency has surged by 170% in the last two weeks, an impressive 250% over the last five weeks, and nearly doubled in value with a 95% rise in the past five days alone. This rapid ascent has solidified Dogecoin’s place as one of the top-performing digital assets in today’s market.
Why Is Dogecoin Outperforming Bitcoin?
In a recent interview with Bloomberg Crypto, Michael P. Regan, a lead cryptocurrency analyst at Bloomberg, discussed Dogecoin’s unexpected rise and its position in the crypto ecosystem. Addressing the skepticism from traditional investors, Regan recognized Dogecoin’s surprising resilience and adaptability.
“Dogecoin has definitely surprised a lot of people with its staying power,” said Regan. “When it comes to fundamentals, the conversation gets more philosophical, but one thing that stands out about Dogecoin is how cheap it is to transact with—much cheaper than Bitcoin.”
He also pointed out how Dogecoin is finding practical applications in real-life scenarios. “We’ve seen cases where people use it for remittances, like sending money home to Venezuela. For those cases, Dogecoin is often more affordable than other cryptocurrencies,” he explained. Regan further mentioned that Dogecoin’s growing acceptance for everyday payments contributes to its value, noting that businesses like Williamsburg Pizza in New York now accept Dogecoin
The Elon Musk Effect
When asked about Elon Musk’s influence on Dogecoin’s recent surge, Regan didn’t hold back. “This rally is, in large part, tied to Elon Musk,” he affirmed. Known for his advocacy of Dogecoin, Musk has a track record of impacting its price through public endorsements and social media activity.
“Elon Musk has embraced Dogecoin in a way that’s hard to ignore. He’s drawn to its playful side, especially as it relates to Internet memes,” Regan noted. He added that Musk’s involvement fuels the speculative nature of the memecoin.
