Why cryptocurrencies are making big moves — Including Dogecoin
CNBC's Kelly Evans breaks down crypto moves and bitcoin with CNBC's Kate Rooney and Meltem Demirors of CoinShares. To see more of the interview with Demirors sign up for a free trial to CNBC Pro: https://cnb.cx/2QC5s0b
Dogecoin started out as a joke. Now it’s a top 10 digital currency worth $40 billion.
The cryptocurrency is based on the “Doge” meme, which rose to popularity in late 2013. The meme portrays a Shiba Inu dog alongside nonsensical phrases in multicolored, Comic Sans-font text.
Created in 2013 by software engineers Billy Markus and Jackson Palmer, dogecoin was intended to be used as a faster but “fun” alternative to bitcoin. It has since found a growing community online.
And now, defying all odds, dogecoin has a total market value of more than $40 billion, according to crypto market data site CoinGecko, adding over $20 billion in the last 24 hours. The digital token reached an all-time high of 32 cents Friday morning, more than doubling in price from a day ago.
‘I just became a Dogecoin millionaire’
It’s not the first time dogecoin has seen a wild climb. Like many cryptocurrencies, it has a tendency for volatile swings in price. In 2018, dogecoin’s price began rising in tandem with other popular digital currencies. It’s been fairly off the radar since then. But earlier this year, dogecoin skyrocketed on the back of enthusiasm from a Reddit group called SatoshiStreetBets.
Similar to the subreddit WallStreetBets, which helped fuel a rally in GameStop shares at the start of 2021, SatoshiStreetBets aims to pump up the prices of cryptocurrencies.
Dogecoin has been climbing again in the past week, hitting 10 cents a coin for the first time on Wednesday. It’s risen by a whopping 400% in the last seven days.
On Friday, a Reddit user posted a picture of their dogecoin holdings on the Robinhood investing app.
“Hey guys I just became a Dogecoin millionaire,” the user said, showing a balance of $1,081,441.29 in their account.
Why is dogecoin rallying?
For one, there’s the Coinbase listing. The most popular U.S. virtual currency exchange went public on Wednesday, briefly hitting a $100 billion market cap in a landmark moment for cryptocurrencies.
The excitement around Coinbase’s debut led to a surge in the prices of bitcoin and ether. Bitcoin hit a record high of more than $64,000 on Thursday, while ether briefly topped $2,500 for the first time Friday morning. Dogecoin has been no exception to the frenzied interest in these digital assets.
Dogecoin has attracted a following among users of Robinhood. On Thursday, the U.S. online brokerage said there was a “major outage” in its crypto trading feature after facing “unprecedented demand.” The feature is now back online, Robinhood said.
Some reports have attributed the latest dogecoin rally to support for the meme-based token from Tesla CEO Elon Musk. He has made several tweets about dogecoin, which in turn has helped push up its price.
On Thursday, Musk posted a cryptic tweet saying “Doge Barking at the Moon,” likely in reference to the popular crypto slang phrase “to the moon.”
The billionaire has called dogecoin his “fav” cryptocurrency and “the people’s crypto.” Musk has also come out as a supporter of bitcoin, with his electric car company buying $1.5 billion worth of the cryptocurrency earlier this year.
But his tweets have worried some investors, given their apparent ability to move markets. Some bitcoin investors, for instance, have sounded the alarm about Musk’s dogecoin tweets. Nic Carter, co-founder of Castle Island Ventures, warned retail investors “are going to lose money on dogecoin,” calling it a “vehicle for speculation.”
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CNBC’s Kelly Evans breaks down crypto moves and bitcoin with CNBC’s Kate Rooney and Meltem Demirors of CoinShares. To see more of the interview with Demirors sign up for a free trial to CNBC Pro: https://cnb.cx/2QC5s0b
Dogecoin started out as a joke. Now it’s a top 10 digital currency worth $40 billion.
The cryptocurrency is based on the “Doge” meme, which rose to popularity in late 2013. The meme portrays a Shiba Inu dog alongside nonsensical phrases in multicolored, Comic Sans-font text.
Created in 2013 by software engineers Billy Markus and Jackson Palmer, dogecoin was intended to be used as a faster but “fun” alternative to bitcoin. It has since found a growing community online.
And now, defying all odds, dogecoin has a total market value of more than $40 billion, according to crypto market data site CoinGecko, adding over $20 billion in the last 24 hours. The digital token reached an all-time high of 32 cents Friday morning, more than doubling in price from a day ago.
‘I just became a Dogecoin millionaire’
It’s not the first time dogecoin has seen a wild climb. Like many cryptocurrencies, it has a tendency for volatile swings in price. In 2018, dogecoin’s price began rising in tandem with other popular digital currencies. It’s been fairly off the radar since then. But earlier this year, dogecoin skyrocketed on the back of enthusiasm from a Reddit group called SatoshiStreetBets.
Similar to the subreddit WallStreetBets, which helped fuel a rally in GameStop shares at the start of 2021, SatoshiStreetBets aims to pump up the prices of cryptocurrencies.
Dogecoin has been climbing again in the past week, hitting 10 cents a coin for the first time on Wednesday. It’s risen by a whopping 400% in the last seven days.
On Friday, a Reddit user posted a picture of their dogecoin holdings on the Robinhood investing app.
“Hey guys I just became a Dogecoin millionaire,” the user said, showing a balance of $1,081,441.29 in their account.
Why is dogecoin rallying?
For one, there’s the Coinbase listing. The most popular U.S. virtual currency exchange went public on Wednesday, briefly hitting a $100 billion market cap in a landmark moment for cryptocurrencies.
The excitement around Coinbase’s debut led to a surge in the prices of bitcoin and ether. Bitcoin hit a record high of more than $64,000 on Thursday, while ether briefly topped $2,500 for the first time Friday morning. Dogecoin has been no exception to the frenzied interest in these digital assets.
Dogecoin has attracted a following among users of Robinhood. On Thursday, the U.S. online brokerage said there was a “major outage” in its crypto trading feature after facing “unprecedented demand.” The feature is now back online, Robinhood said.
Some reports have attributed the latest dogecoin rally to support for the meme-based token from Tesla CEO Elon Musk. He has made several tweets about dogecoin, which in turn has helped push up its price.
On Thursday, Musk posted a cryptic tweet saying “Doge Barking at the Moon,” likely in reference to the popular crypto slang phrase “to the moon.”
The billionaire has called dogecoin his “fav” cryptocurrency and “the people’s crypto.” Musk has also come out as a supporter of bitcoin, with his electric car company buying $1.5 billion worth of the cryptocurrency earlier this year.
But his tweets have worried some investors, given their apparent ability to move markets. Some bitcoin investors, for instance, have sounded the alarm about Musk’s dogecoin tweets. Nic Carter, co-founder of Castle Island Ventures, warned retail investors “are going to lose money on dogecoin,” calling it a “vehicle for speculation.”
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Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast
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The best decision I ever made in my life was Investing in financial market. Trust me guys, it pays alot. And I have come to realize that trading bitcion is more profitable than holding it and waiting for it to skyrocket.😊
SAFECOW LETS GO MOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
The ladies of CNBC always make more sense than the guys.
Good! Someone said the DOGE pump is the reason for the market crash, but i don't believe this anyway. DOGE has earned it right from time. One other coin making my favorite list is #EFX. Some bags loads of it is still considered a giveaway at the moment. #crypto
I PRAY THAT ANYONE WHO READS THIS WILL BE SUCCESSFUL IN LIFE..
CRYPTO CURRENCY TRADING IS REALLY PROFITABLE AND IN ORDER TO ACHIEVE SUCCESS, YOU'D HAVE TO KEEP EMOTIONS..
Too late for bitcoin for 99% … alt coins is where it is and hopefully 99% gets better life from it in the future 5years. We need to free ourselves from 1%. Wish i bought BTC long time ago as a joke as well but i was too young and stupid. Now i have to wait few more yeara to see what happens and if my life changes.
Thanks for the update. DOGE did really impressive during this market crash. I would love to see you cover #efx too, and the moving to #BinanceSmartChain announcement. With partners like Pwc and Localbitcoins and benefits like changing the future of work and supporting equality and equal pay, it's worth taking into consideration.
you're good at research but currently crypto market has been battered by negative comments this week, with long-time skeptic and now Treasury Secretary Janet Yellen saying at a New York Times conference on Monday that the token is an “extremely inefficient way of conducting, “Investors are closing positions, which will have generated significant gains for many of them.”Hodling is proftable, although trading is far more proftable.
I was able to grasp the knowledge of tradlng crypto assets early enough, but I was still limited due to my lack of technical understanding of how to analyze the digital market, all changed when I encountered Crypto Liam's service., although I have been into numerous services but Crypto Liam stands out with experienced expertise in the field. I must confess it wasn't an easy task learning the routes on trading but with his assistance , it was more easier to understand, Here are his details on Te Ie-gram ( @crypto_liam ) for his assistance on strictly crypto-related concerns.
In few years or so people will definitely be kicking themselves in regret for missing the opportunity to buy and invest in cryptocurrency
Holochain soon🚀🚀🚀
they need to outlaw cryptocurrency there is no room for it in today economy and graphics cards are meant for gaming and video editing not creating digital coin trash
So glad to see my (curently) main alt picks here! Great content beautiful Casey and great analysis. #DOGE is throwing fundamentals out of the window one more time. I also own #EFX though, any thoughts about it migrating to #BSH? It's trully a #hiddengem collaborating with United Nations, Akon etc and slowly changing the future of work. Definitively bagging up some coins for the current #altseason although for now is only on #KuCoin
Happy doge day my brothers and sisters
Hi guys, hope you all are well in this pandemic situation. I've been in the crypto space for a while now and my favorite strategy is to find #hiddengems such as $SPI and $OUS, just like JRNY Crypto. Recently I found the $EFX token from Effect Ai project, which really got my attention because of the proposition of the project and its team. What are you guys opinion on this project?
Bitcoin has been blazing a few indications of solidarity all through the previous few days over others, with bulls being in full control of their price action as they aim at pushing general prices over the resistance level… General bullish moves have been productive to holders and traders the same with everybody anxious to get a bit of cryptocurrency at the present time! Although I fancy trading over holding because of its productivity and extra information on crypto by large. Over time, I have used lots of signals service and guidance from experts to assist with trading, one of those experts has been central to most of the trading successes I have enjoyed… Rick Richard is one of the productive ones I have utilized, and I would suggest him for crypto-related difficulties, he can be reached on Telegram{@rickrichardcrypto} Let’s be positive and remain winning..
because it's just a platform about nothing. people are literally bidding up a cell in an excel spreadsheet "just because" others are doing it too, and the game is to see who is fortunate enough to get in and back out profitably.
The breakout continues👍B!tcoin could be in the process of seeing a "volatile reset." By the start of this week’s trad!ng session, moving between dips and rises is a typical neutral weekly outlook which makes it a tough decision for lnvestors to decide how best to utilise the current market; as for me it can’t be more obvious that trad!ng B!tcoin is way more lucrative than just hodIng and waiting for the price of B!tcoin to skyrocket. I didn’t think it was possible to make constant win from trad!ng till I came across Armstrongs program for lnvestors/newbies who lack understanding on how trad!ng B!tcoin works, to help them stack up more B!tcoin, since late last year till date I have made over 19₿TC from 2.6₿TC with Armstrong peters help.He has also been mentioned by most YouTubers and I am indeed a living witness and testimonies to his excellent tradings.he is indeed a genus and a coin lord.My father tells me that if you want to have it,you go alone.But if you want to be forever successful,you go along with others. You can easily get to him ͲҽӀҽցɾąʍ:(@Armstrongsignals)
There's no doubt in my mind that we are not only going bull, but BTC is going nuclear. A lot of people are wondering if now is a good time to buy because of where the price is at right now. I'd say it's outrightly wrong to just sit back hodl and wait maybe incur some losses along the line, that's a wrong mindset for an investor because as an investor finding ways to always increase and stack up more coins thereby making prof! Ts should be the way of life, even experienced traders are in a doubt to take long or short position. I have been more skillful than lucky to be honest also thanks to Williams who trained me as my initial investment was multiplied by 5 In two months. After getting in touch with Williams Johnson an exp: ert in cryptography, who showed me how to use his program to make transactions and got 41. 3 btc in 3 moths with him. if you are looking for a way to increase your portfolio or investment. Williams TєIєɠramm; [@ WilliamJohnsonn ]
Those investing in doge,safemoon,safemars and other shitcoins should be aware of the risk of loosing everything.
Learn about crypto space..you will change opinions on coins
What ya'll think of Hoge?
Investing in crypto is the only big chance of making money