The growth of Dogecoin DOGE/USD can be credited to “hype and trends” and people calling for the meme cryptocurrency’s moonshot have “no understanding of the market,” according to the CEO of Tim Draper-backed crypto exchange Unocoin Technologies.
What Happened: Sathvik Vishwanath, the CEO of India-based Unocoin, wrote in a Economic Times column that lifestyle celebrities with no basic understanding of technology ask fans to buy Dogecoin and influence them.
Vishwanath added that for Dogecoin to be popular and “rule the world,” it must offer something unique that other cryptocurrencies have so far not offered.
See also: How To Buy Dogecoin (DOGE)
In comparison, apex cryptocurrency Bitcoin BTC/USD has stood the “test of time” and owners are well informed about the technology and philosophy of the Bitcoin concept, according to the CEO of Unocoin, which calls itself India's "leading bitcoin company" and has 1.2 million customers.
Why It Matters: Created mainly as a joke in 2013, Dogecoin has shot to prominence this year, in major part due to endorsement from Tesla Inc. TSLA CEO Elon Musk and other celebrities.
Musk’s tweets about Dogecoin sometimes have an overwhelming impact on its price. The Shiba Inu-themed coin’s year-to-date gains are an impressive 5,825.8%.
Dogecoin co-creator Billy Markus too had noted in June the success of the meme cryptocurrency depended on contributions from Dogecoin holders in several ways, including “making memes” and “contributing to good causes.”
Price Action: Bitcoin is up almost 1.4% during the past 24 hours, trading at $47,842.37 at press time, while Dogecoin is 11.3% higher over the 24-hour period to $0.3382.
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