Bitcoin and DOGE have shown impressive rallies, but there is little in common between them. Galaxy Digital founder Mike Novogratz said this in an interview with CNBC.
Bitcoin is “a well thought out and well distributed store of value,” he said. At the same time, the DOGE rally is more like the GameStop hype, he noted.
“Very young investors have a crazy enthusiasm for meme coins and meme ideas. I’m shocked that GameStop still has some value. Dogecoin is even more bizarre in this regard, ”he said.
According to Novogratz, it is quite “dangerous” to sell DOGE now, although he would not open a long position in this cryptocurrency. About 30% of all DOGE coins are in the hands of two people, Novogratz emphasized.
Wall Street vs. DOGE
The Bitcoin bull admitted that it was wrong about DOGE, but noted that “tens of billions of dollars” are poured into the ecosystem of the largest cryptocurrency in terms of capitalization every year, which DOGE simply does not have.
Recall that in early February this year, Novogratz warned about the dangers of investing in hype cryptocurrencies. Then he said that the “madness” around DOGE will end badly for investors.
However, according to the results of the first quarter of 2021, DOGE showed the best result, and Bitcoin and its forks were among the outsiders.
The price of dogecoin in the DOGE / USDT trading pair at the time of writing is $ 0.31 (-20%). Bitcoin in the BTC / USDT pair is trading at $ 55,100 (-0.06%).
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