Dogecoin (DOGE) skyrocketed above $0.69 today and flipped XRP to become the fourth largest cryptocurrency with a market capitalization of over $88 billion at its highest point.
Galaxy Digital recently released a report titled Dogecoin: The Most Honest Sh*tcoin, and the document highlighted the fact that no updates have been logged in Dogecoins GitHub repository since 2017. Even the blockchains network security is suboptimal with only 26% of the overall node count running fully synced notes, the report added.
There seems to be a massive mismatch between Dogecoins fundamentals and its valuation. The meme coins rally is an indication that traders are driven by greed and such phases of frenzy never end well. When the bubble bursts, several investors will be left nursing massive losses.
Daily cryptocurrency market performance. Source:
Moving away from the Dogecoin frenzy, the latest CoinShares report shows weekly institutional inflows of $489 million for various crypto products. Bitcoin (BTC) accounted for the lions share of the investments at $411.7 million.
This shows that institutional investors are viewing the current weakness in Bitcoin as a buying opportunity. The total crypto assets under management is at $64.7 billion, having risen about $7 billion in the past six weeks.
Will Ether (ETH) continue to pull altcoins higher or will Bitcoin make a comeback? Lets analyze the charts of the top-10 cryptocurrencies to find out.
Bitcoin plunged below the moving averages on May 4 but the bears could not capitalize on this weakness. This suggests the bulls have not yet given up and they continue to buy on every dip.
- Binance Coin
- Bitcoin Cash
Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.