One of the oldest cryptocurrencies, created as a joke, dogecoin (DOGE), continues to rally, with financial services firm Galaxy Digital researchers attributing it partly to its honesty, simplicity, and self-awareness.
In their report titled ‘Dogecoin: The Most Honest Sh*tcoin’, Galaxy Digital Research writes that a bull run, combined with “retail trading manias fueled by mobile trading apps and Reddit-borne trade ideas,” led DOGE to emerge as the best performing crypto year-to-date (YTD).
But the appeal of Dogecoin has always been its honesty, they said. Its only purpose is to be the world’s most fun currency – it does not seek or pretend to be anything else. There is no business development or market infrastructure, or even a serious long-term narrative.
Despite its deficiencies, Dogecoin has “remarkably strong fundamentals and powerful forces supporting its rise” – a genuine origin story, longevity, and a growing community, they said, adding:
“DOGE has a long history of self-awareness and simplicity that makes it an attractive tool for expressing a wry cynicism about the state of the world. The coin offers a certain honesty that resonates in a complicated world and an often duplicitous cryptocurrency ecosystem. Most assets cannot rival that honesty, and Dogecoin’s longevity is ensured so long as one truism remains: people love a good joke.”
In 2021, DOGE has become the best performing major digital asset YTD; more people than ever own it; there’s a record number of addresses interacting with the Dogecoin blockchain; it has settled a record amount of value; and it’s the most profitable time ever to mine it.
At 9:26 UTC, DOGE is the 4th largest coin by market capitalization at more than USD 86bn. It’s up 35% in a day, 95% in a week, as well as 1,051% in a month and 26,395% in a year. Its price is now USD 0.666. Its latest all-time high was earlier today, hitting USD 0.686 (per Coingecko).
DOGE price chart:
Trading volumes have been up as well, to USD 75.8bn recorded on April 16. On May 5, this number is almost USD 56bn, compared to USD 68bn for bitcoin (BTC) and USD 75bn for ethereum (ETH).
“DOGE is liquid enough to support significant investment,“ said the researchers.
The 30-day moving average active address count passed 100,000 addresses for the second time in 2021, seeing around 115,000 daily active addresses on May 4. There are about 3.6m addresses holding any amount of DOGE.
