Mike Novogratz Says, ‘Doge Doesn’t Really Have Purpose’, XRP Price Rise ‘Does Not Make Sense’

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In Brief
  • Novogratz believes DOGE “doesn’t really have a purpose.”

  • The fund manager also stated that XRPs price rise “doesn’t make a lot of sense.”

  • Novogratz has defended his comments on XRP following community backlash.

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CEO of Galaxy Investment Partners Mike Novogratz recently commented on Dogecoin and XRP by stating that neither made sense regarding their price increases.

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Talking to Bloomberg, Novogratz commented on the recent market cycle. He commented on bitcoin (BTC) and ethereum (ETH) and the volatility they are experiencing. The Galaxy Investments CEO stated that volatility will go lower over the years.

Novogratz mentioned that people should consider the volatility when investing in cryptocurrencies saying “we expect volatility.” 

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The investment manager continued by talking about altcoins, bringing up dogecoin’s (DOGE) recent surge to a $50 billion market cap. Influenced by billionaires Mark Cuban and Elon Musk, Novogratz called it “frothiness.” 

Frothiness for altcoin gains evident

Comparing DOGE to the recent Gamestop (GME) stock price rise, Novogratz stated, “It is a meme coin..it doesn’t really have a purpose.” Furthermore, Novogratz stated that he “would be very worried if one of his friends were investing in dogecoin at these prices.” 

Novogratz also commented on the recent price surge related to XRP, calling the recent price rise from $0.40 to $1.60 in a month as a retail frenzy. He stated “it doesn’t make a lot of sense to me,” as he described the sell-off of major cryptocurrencies such as ETH and BTC into altcoins. 

Novogratz defends XRP comments

Novogratz had to defend his comments on XRP, following backlash from the Ripple community, following comments relating to the SEC investigation into Ripple Labs.

The fund manager stated in a recent tweet:

“Guys. I am not the SEC. I did not bring a lawsuit against Ripple. In fact I am a large shareholder of Ripple since day 1. The SEC has already said ETH is not a security.  I understand why ETH is on the move.  I don’t get the surge in XRP. What’s so hard to understand?”

The Galaxy Investments CEO went on further to back his claims that ethereum is not a security by telling his twitter audience to go “watch Gary Gensler’s lecture series at MIT.  It’s on line.  He’s pretty clear.” 

Gensler was recently announced as the new Chair of the U.S. SEC. Gensler has been a huge supporter of cryptocurrencies, offering lectures at MIT on blockchain and crypto. 

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

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