Is Dogecoin a joke or something more? Here’s a look at what’s happening with Dogecoin right now.
Dogecoin, Bitcoin and more drop in value
Multiple cryptocurrencies have been dropping in recent weeks. In fact, Bitcoin, Ethereum and Dogecoin have all seen a significant drop in value, Fortune reports.
- “Bitcoin, too, is sinking, trading below $33,000. Ethereum and Dogecoin were faring even worse,” Fortune reports.
Why did Dogecoin drop in value?
Dogecoin dropped significantly after YouTuber and Dogecoin investor Matt Wallace said he would buy into the new $tking (Tiger King coin), according to Forbes. Yes, that’s right. There’s now a cryptocurrency based off Tiger King.
- “I feel like $tking (Tiger King coin) is going to go crazy when season two of Tiger King comes,” Wallace said over the July 4 weekend.
- He said he’s “buying it up fast.”
- “I am still holding my dogecoin and bitcoin despite the recent drops,” Wallace said on Twitter “Dogecoin actually is the future cryptocurrency of earth.”
Tiger King coin vs. Dogecoin
- “$CAT is not a currency nor investment, but rather is a purr-ency and the first of its kind as a fan token for supporters of Big Cat Rescue,” Baskin’s Big Cat Rescue said in a statement.
Dogecoin is a ‘joke,’ expert says
Financial expert Ric Edelman recently remarked about the cryptocurrency, calling it a joke in an interview with Yahoo Finance.
Edelman, the chief executive of the Edelman Financial Engine, recently told Yahoo Finance that he would invest in Bitcoin and Ethereum for cryptocurrencies. But, he said, Dogecoin worries him.
- “I would completely ignore Dogecoin. That is nothing more than a joke. It’s a scam and it’s going to be something that ends very badly,” he said.