Dogecoin has ‘Remarkably Strong Fundamentals’
Galaxy Digital studied Dogecoin and stated “despite its deficiencies, dogecoin has remarkably strong fundamentals and powerful forces supporting its rise”. Therefore, Dogecoin’s strong qualities contributes to its development.
Novogratz confessed that he had been bearish on the meme crypto.
Dogecoin’s strong qualities should not be Ignored
The company’s research team published a report entitled “Dogecoin: The Most Honest Sh*tcoin.” It outlines the history and development of Dogecoin. It emphasizes that its appeal ‘has always been its honesty.’ Its authors explained that;
They acknowledge that Dogecoin “is the best performing major digital asset year to date.” And “more people than ever before own DOGE.” The report emphasizes some deficiencies of the meme cryptocurrency. “Dogecoin has zero development,” the authors began.
Declaring that when they started to write the report, they assumed to find that “Dogecoin is a joke … not credible, resilient, or adopted,” the authors wrote:
They also highlighted, “We don’t expect Dogecoin to become the world’s most valuable cryptocurrency any time soon, but DOGE should not be ignored.”
Amid those who notably contributed to the rise of the price and adoption of the meme coin are Elon Musk and Mark Cuban.
The report concludes:
Mike Novogratz, the CEO of Galaxy Digital called the report “very balanced,” continuing:
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