Several analysts and traders on CryptoTwitter are of the opinion that Dogecoin\u2019s price trend in 2021 is similar to that of Bitcoin. However, others still view it as a bubble that is about to burst.<\/p>\n
While the major altcoins march to the tunes of Bitcoin<\/a> and Ethereum<\/a>, the meme-coin, DOGE was not far behind. The digital asset which managed to register a market capitalization of $34.10 billion ranked as the seventh-largest cryptocurrency on CoinMarketCap.<\/p>\n At the time of press, DOGE marked a 450% increase since the start of the year, and was trading at $0.2733.<\/p>\n After Dogecoin received Elon Musk\u2019s approval and support on numerous occasions, it became a widely accepted payment instrument \u2013 from the Dallas Mavericks<\/a> to America\u2019s oldest wine seller<\/a>.\u00a0Furthermore, the demand for DOGE expanded outside the US as well. Latvia\u2019s largest air carrier, AirBaltic, enabled<\/a> its customers to make bookings with it.<\/p>\n However, some cryptocurrency proponents voiced concerns that the meme coin\u2019s parabolic increase could be indicative of a clear bubble.<\/p>\n CoinShares\u2019 CSO,\u00a0Meltem Demirors recently spoke<\/a> to CNBC with regard to DOGE. She opined that the Shiba Inu-inspired meme coin is a typical example of a bubble:<\/p>\n “It\u2019s a classic sort of bubble, in my view. My firm does not produce analysis on Dogecoin for a reason. We don\u2019t have a dogecoin in the market. We don\u2019t trade dogecoin.\u201d<\/p><\/blockquote>\n Mike Novogratz, founder, and CEO of Galaxy Digital shared similar thoughts about it. He appeared<\/a> in a CNBC interview to voice his opinion on BTC and DOGE.<\/p>\n “Even though both cryptocurrencies have skyrocketed in price, they are very different in design. The primary cryptocurrency is a well-distributed store of value while Dogecoin\u2019s situation is bizarre.\u201d<\/p><\/blockquote>\n Another believer in Bitcoin \u2013 Jim Cramer \u2013 compared<\/a> DOGE to playing a game. Mad Money\u2019s TV host further stated that purchasing the digital asset was tantamount to gambling:<\/p>\n “I think dogecoin is a sport, buying the digital asset is actually gambling, not investing. A fun game is gambling, and I don\u2019t believe that gambling should be encouraged.\u201d<\/p><\/blockquote>\n In contrast, Mark Cuban has been a DOGE promoter since the very start. He recently appeared<\/a> on a Tuesday\u2019s edition of \u201cThe Ellen DeGeneres Show\u201d to talk about Dogecoin. (He even tweeted<\/a> about it.)<\/p>\n He stated that Dogecoin was a good investment since people used this coin actively and more and more large Western companies were accepting<\/a> DOGE as payment now.<\/p>\n Because Doge is the one coin that people actually use for transactions. We take many others via @BitPay<\/a> . But people spend their Doge and that means more businesses will start taking it. The greatest inhibitor to it's growth is that you can't spend the Doge you buy on Robinhood https:\/\/t.co\/TrhT9pYkcb<\/a><\/p>\n — Mark Cuban (@mcuban) April 26, 2021<\/a><\/p><\/blockquote>\n\n