Dogecoin Surges 170% in Two Weeks, Outperforming Bitcoin
Dogecoin (DOGE) has recently experienced significant price increases, outperforming Bitcoin (BTC) and other major altcoins. Over the past two weeks, DOGE surged by 170%, a remarkable 250% in five weeks, and 95% in the last five days, establishing itself as a top-performing digital asset.
Why Is Dogecoin Outperforming Bitcoin?
Michael P. Regan, global team leader for cryptocurrencies at Bloomberg, discussed this trend in an interview with Bloomberg Crypto. He noted that traditional investors are skeptical of Dogecoin's fundamentals but acknowledged its unexpected resilience.
Regan stated, “Dogecoin has surprised everybody with its staying power.” He emphasized its low transaction costs compared to Bitcoin, making it appealing for practical use cases. For example, people are using Dogecoin for remittances, such as sending money to families in Venezuela.
He also highlighted growing acceptance in everyday transactions, mentioning businesses like Williamsburg Pizza in New York that accept Dogecoin. Despite its origins as a joke, Regan believes there is more to Dogecoin than commonly perceived.
The Elon Musk Effect
Regan attributed much of Dogecoin's recent rally to Elon Musk, stating that the rally is “almost completely tied” to him. Musk's advocacy for Dogecoin has historically influenced its price through public statements and social media activity.
“Elon Musk has been a huge champion of Dogecoin lately,” Regan remarked, noting Musk's affinity for memes, particularly those associated with Dogecoin. He acknowledged the speculative nature of the memecoin and Musk's pivotal role in its valuation. Regan concluded, “It’s up almost 200% since the election,” referencing the hype from the establishment of the Department of Government Efficiency (DOGE).
At press time, DOGE traded at $0.38698.
