Crypto traders influenced the Fed about Dogecoin.
Jerome Powell commented about the rising value for assets like DOGE and GameStop stock. DOGE is now up by 469%.
Not only the sizable gains posted by Bitcoin and Ethereum in the past months have been gaining attention. Dogecoin also has its own spotlight, for having one of the most celestial rises in 2021. And now, Dogecoin (DOGE) has also drawn the interest of US Federal Reserve Chairman, Jerome Powell.
“Some of the asset prices are high. You are seeing things in the capital markets that are a bit frothy. That’s a fact,” Powell commented. “I won’t say it has nothing to do with monetary policy, but it also has a tremendous amount to do with vaccination and reopening of the economy.”
In Powell’s opinion, the US’ monetary policy has played a part in the assets value rise. But he also saw the renewed market participation from people who got their COVID vaccines, spending money, and returning to their B.C. (before Corona) life.
Dogecoin Craze Continues!
Dogecoin’s value surged from less than $0.01 per coin last January up to $0.42 early this month. The rise has been inspired by some high-profile backers like Elon Musk and Mark Cuban.
Cuban tweeted this week that Robinhood is holding back the development of Dogecoin. He points to the Maverick’s success with Dogecoin orders as evidence that DOGE is a cryptocurrency that people really wanted to spend instead of holding for future value.
Nevertheless, the investment definition can’t help but remember last week’s “Doge Day,” a social media-led effort by Doge investors to help push the value of the coin to $1 or more last April 20. But the plan backfired: consequently, the price of Dogecoin fell by 20% in just 24 hours.
Furthermore, at a recent price of $0.31, Dogecoin is up by 469% in the last 30 days, and it is worth 31 times more than it was just before the price jumped in January. It has made a lot of investors high on the “joke” cryptocurrency right now.
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