Have you traded cryptocurrencies this year? If so, you don’t need us to tell you that it’s been one brutal bear market in 2018.
Every (potentially manipulated) rally has been sold off faster than you can say ‘moonboy,’ and volume goes out of the market just as soon as it comes in. Each successive guppy rally has gotten weaker and weaker as less and less retail investors are willing to get ‘rekt.’
That said, there’s always money to be made — even in a bear market.
Surprisingly, one of those recent money makers has been in the silliest cryptocurrency of all.
As reported by Bloomberg, Dogecoin is the only cryptocurrency to see significant gains over the last month-long period — rocketing up 160 percent.
Dogecoin is a joke cryptocurrency which boasts the likeness of the famous Shiba Inu from the “Doge’ internet meme. The coin has been around since December of 2013 and apparently isn’t going away anytime soon. (Nor should it.)
So, what’s the deal? Why is a joke cryptocurrency performing relatively well while market leaders like Ethereum, Ripple, and Bitcoin Cash continue to get slaughtered?
One theory, as noted by Bloomberg, is that the cryptocurrencies addition to the popular Robinhood app in mid-July has bolstered the accessibility of Dogecoin. Notes the privately held financial, software, data, and media company:
While that may seem like a poor reason to bid up the price of a joke, the ongoing interest in crypto ETFs demonstrates that the ease with which one can access a given coin may be the closest thing there is to “fundamentals” in the space. The easier a coin is to buy and trade, the more money can go into it.
Of course, it could be that Dogecoin’s recent success is tied to the fact that the cryptocurrency is “very currency wow much coin how money so crypto,” among other things.
What do you think about Dogecoin and why do you think it’s performing well over the last month? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock, CoinMarketCap.com.