The Coinshares CSO Meltem Demirors calls DOGE a bubble and mania despite the coin’s global acceptance and celebrity endorsement as we can see more in our latest DOGE news.
Meltem Demirors who is the chief strategy officer at CoinShares referred to the recent DOGE craze as a speculative mania and mentioned that her company hasn’t touched the Shiba Inu meme coin because it looks like a bubble. The past few months have been quite successful for the coin so the crypto’s price even surged after plenty of companies accepted it for payments and added the meme coin to their platforms. As of the time of writing, the price of DOGE is set at $0.277 which is a 450% increase since the year started.
After DOGE received Elon Musk’s approval and support it became a widely accepted payment instrument especially after Dallas Mavericks and its owner Mark Cuban endorsed it. The demand for DOGE expanded outside of the US as well with Latvia’s biggest air carrier AirBaltic enabling its users to buy plane tickets with it. However, some crypto proponents voiced their concerns about the meme coin’s increase that could be indicative of a bubble. This is the case with Meltem Demirors as she stated in a CBNC interview that DOGE is a mania. The CSO of Coinshares Meltem Demirors calls DOGE an example of a bubble:
”It’s a classic sort of bubble, in my view. My firm does not produce analysis on Dogecoin for a reason. We don’t have a dogecoin in the market. We don’t trade dogecoin.”
Despite the recent interest in DOGE from retail investors and celebrities, many influential people in the crypto space voiced concerns just as Demirors did. Mike Novogratz who is the founder and CEO of Galaxy Digital explained the difference between BTC and DOGE saying that both cryptocurrencies did skyrocket in price but they are very different in design. He also noted that the main cryptocurrency is still a well-distributed store of value while DOGE is just bizarre. Jim Cramer as well, a strong BTC supporter, compared DOGE to playing a game and said:
”I think Dogecoin is sport. A fun game is gambling, and I don’t believe that gambling should be encouraged.”
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