Dogecoin Follows Bitcoin’s Lead, Flips Green
The Dogecoin price has flipped green after the sixth-biggest cryptocurrency shed about one-quarter of its value in the past week. Bitcoin is leading a market rebound today after regulatory jitters sent investors looking for the exit signs in recent days, a sell-off that spilled over to altcoins.
Dogecoin investors have plenty to celebrate, however, after a mainstream investment app added support for the cryptocurrency. Neobank Revolut announced on June 8 that users can now trade the popular meme coin. Dogecoin is not the first cryptocurrency on the Revolut platform and bolsters the list of digital assets supported by the challenger bank to 30.
The company is responding to user demand after seeing the size of crypto assets on its platform more than double from USD 48 million at year-end 2018 to USD 121 million the following year.
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There just aren’t enough dogs in the Revolut app…but we’re about to change that. Much Dogecoin. Such wow. How Revolut? We’re letting the DOGEs out! pic.twitter.com/mBOrXElsOk
— Revolut (@RevolutApp) June 8, 2021
In addition, with all the fuss about a bitcoin ETF in the United States, one company just made it easier for investors to add BTC to their retirement portfolio. iTrust Capital, a crypto IRA and 401(k) platform, has added support for Dogecoin.
iTrust touted what it described as Dogecoin’s “scarce supply,” but a characteristic about DOGE is that there is unlimited supply. There is a cap on the number of Dogecoins that can be issued each year, however, and that is 5 billion. Nonetheless, compared to its larger rival bitcoin, which is debatably a deflationary asset, Dogecoin’s supply is deemed inflationary in nature.
Vitalik on Doge
Ethereum Co-Founder Vitalik Buterin has become a rock star in the cryptocurrency community. His presence at the recent bitcoin conference in Miami had some pontificating that bitcoin needs a front-man similar to how Vitalik is the face of Ethereum. Satoshi Nakamoto is bitcoin’s creator, but he hasn’t been heard from since 2011 when he said that he had “moved on to other projects.”
Vitalik in a recent podcast with Lex Fridman said that he turned USD 25K investment in Dogecoin into millions of dollars five years ago. DOGE was trading at USD 0.07 at the time compared to its current price of USD 0.32. He sold 50% of his holdings back then, donating more than USD 4 million to charity. If he still holds the other half of his original DOGE investment, he is up USD 20 million.
Dogecoin’s mascot, a Shiba Inu Japanese breed dog, has similarly fueled the popularity of the coin.