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Why cryptocurrencies are making big moves — Including Dogecoin

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CNBC’s Kelly Evans breaks down crypto moves and bitcoin with CNBC’s Kate Rooney and Meltem Demirors of CoinShares. To see more of the interview with Demirors sign up for a free trial to CNBC Pro:



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Dogecoin started out as a joke. Now it’s a top 10 digital currency worth $40 billion.

The cryptocurrency is based on the “Doge” meme, which rose to popularity in late 2013. The meme portrays a Shiba Inu dog alongside nonsensical phrases in multicolored, Comic Sans-font text.

Created in 2013 by software engineers Billy Markus and Jackson Palmer, dogecoin was intended to be used as a faster but “fun” alternative to bitcoin. It has since found a growing community online.

And now, defying all odds, dogecoin has a total market value of more than $40 billion, according to crypto market data site CoinGecko, adding over $20 billion in the last 24 hours. The digital token reached an all-time high of 32 cents Friday morning, more than doubling in price from a day ago.

‘I just became a Dogecoin millionaire’

It’s not the first time dogecoin has seen a wild climb. Like many cryptocurrencies, it has a tendency for volatile swings in price. In 2018, dogecoin’s price began rising in tandem with other popular digital currencies. It’s been fairly off the radar since then. But earlier this year, dogecoin skyrocketed on the back of enthusiasm from a Reddit group called SatoshiStreetBets.

Similar to the subreddit WallStreetBets, which helped fuel a rally in GameStop shares at the start of 2021, SatoshiStreetBets aims to pump up the prices of cryptocurrencies.

Dogecoin has been climbing again in the past week, hitting 10 cents a coin for the first time on Wednesday. It’s risen by a whopping 400% in the last seven days.

On Friday, a Reddit user posted a picture of their dogecoin holdings on the Robinhood investing app.

“Hey guys I just became a Dogecoin millionaire,” the user said, showing a balance of $1,081,441.29 in their account.

Why is dogecoin rallying?

For one, there’s the Coinbase listing. The most popular U.S. virtual currency exchange went public on Wednesday, briefly hitting a $100 billion market cap in a landmark moment for cryptocurrencies.

The excitement around Coinbase’s debut led to a surge in the prices of bitcoin and ether. Bitcoin hit a record high of more than $64,000 on Thursday, while ether briefly topped $2,500 for the first time Friday morning. Dogecoin has been no exception to the frenzied interest in these digital assets.

Dogecoin has attracted a following among users of Robinhood. On Thursday, the U.S. online brokerage said there was a “major outage” in its crypto trading feature after facing “unprecedented demand.” The feature is now back online, Robinhood said.

Some reports have attributed the latest dogecoin rally to support for the meme-based token from Tesla CEO Elon Musk. He has made several tweets about dogecoin, which in turn has helped push up its price.

On Thursday, Musk posted a cryptic tweet saying “Doge Barking at the Moon,” likely in reference to the popular crypto slang phrase “to the moon.”

The billionaire has called dogecoin his “fav” cryptocurrency and “the people’s crypto.” Musk has also come out as a supporter of bitcoin, with his electric car company buying $1.5 billion worth of the cryptocurrency earlier this year.

But his tweets have worried some investors, given their apparent ability to move markets. Some bitcoin investors, for instance, have sounded the alarm about Musk’s dogecoin tweets. Nic Carter, co-founder of Castle Island Ventures, warned retail investors “are going to lose money on dogecoin,” calling it a “vehicle for speculation.”

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semshak daniel
semshak daniel
4 months ago

I'm grateful to klaxonstools Klaxonstools. They just credited my account.

Plastic hag
Plastic hag
4 months ago

To the moon pups!! 💜🙌🚀🚀🚀🚀🚀

Richard Bradley
Richard Bradley
4 months ago

Stock's are crashing, Bitcoin investment Right now will be at every wise individuals list , in a month you will be ecstatic with the decision you made today

Ronald Charr
Ronald Charr
4 months ago

A few years from now, you'll regret the

chances you fail to take on cryptocurrency today. It is not about replacing the current Fiat but
making it better. You are sitting on a goldmine.

Grandpa Johnson
Grandpa Johnson
4 months ago

Only memers, trollers, gamers use this as a currency it's the best currency in meme culture

Œrigįnål. Øwl
Œrigįnål. Øwl
4 months ago

Don’t sleep on LiteCoin either…

Bitcoin / Ethereum / LiteCoin / DogeCoin

$$$ Are in a sense the 4 horsemen $$$

Adion Robindoink
Adion Robindoink
4 months ago

If you haven't already caught wind of FEG, i strongly suggest researching it. The moon giant will awaken. It's a game changer in the crypto world.

Dante Rox
Dante Rox
4 months ago

Do good every day ❤️🚀🌕

Jake Donahue
Jake Donahue
4 months ago

I am using Doge as a checking account (as the utility becomes more available) and Hoge Finance as a savings account. For me, I have more faith in a deflationary asset as a store of value.

Jonathan Rodriguez
Jonathan Rodriguez
4 months ago

Dogecoin to the moon. Let's go people….

Peter Truong
Peter Truong
4 months ago

We people gave Bitcoin value and now we will do the same to Dogecoin

eWorkNOW
eWorkNOW
4 months ago

Don't know how I stopmed onto this. All in all Awesome content 🤩🤩🤩. I also have been watching those similar from mStarTutorials and kinda wonder how you guys create these stuff. MSTAR TUTORIALS also had cool information about similiar money making things on his channel.

Nick K
Nick K
4 months ago

How do you do Bitcoin options?!

MicroDips
MicroDips
4 months ago

Doge fam is much wow 😌

Lol Okay?
Lol Okay?
4 months ago

Harmony one is at 10 cents it’s such a obvious buy the founder made google maps it was at 20 cents !!! Buy it up now !!!! And this is financial advice idgaf at least it’s showing 10 cent in binance headed back up to 20 cent rn

Savillx Navm
Savillx Navm
4 months ago

Automate is truly the safest platform you can invest your funds.I must commend the platform, they are always consistent with withdrawals and their payments are automated always making me happy💯.

Jay
Jay
4 months ago

Haha they juat want crypto to fail just bought more DOGE. Yall are gonna be sorry for missing out on this one

Teresa Johnson
Teresa Johnson
4 months ago

The only credible law of increase is investment because money not invested has no future. Buy and invest in Bitcoin now, this is the right time to invest in crypto.

Smitty WerbenJagerManJensen
Smitty WerbenJagerManJensen
4 months ago

Well lookie there made up money that that doesn't really exist.

Don Hosteen
Don Hosteen
4 months ago

I just love the coin do only good everyday

Phlegethon
Phlegethon
4 months ago

How much longer does coinbase want to pump this fraud

Phlegethon
Phlegethon
4 months ago

You wish Bitcoin was still $54000

Jing Jaew
Jing Jaew
4 months ago

Dogecoin will be on Artemis Mission alongside the first African American and woman to the moon!!!

OREO D
OREO D
4 months ago

Hahaha,Dogecoin kkkkk😅🤣😂🤣😅Dogecoin I'll be $12mill by the time every thing is said and done, or I should say laugh and done, I'll be 🤑😅🤣😂 all the way to the bank and vacation. Who's laughing now .Dogecoin is serous busyness, it was meant as a joke but the irony is , it will become the world 🌎 currency

mark miller
mark miller
4 months ago

This report is soooooo false. This lady really needs to educate herself why doge is a much better option for the future. Bitcoin can never be the sole source. There are enough bit to support the USA currency IT CAPS. One other point where is the pro doge view?

Godson Kenedy
Godson Kenedy
4 months ago

I made 15.000 usd with my investment of 10.000 usd, I didn't make the trade myself. Expert Godwin Daniel made the successful trade for me

Merluy Rosales
Merluy Rosales
4 months ago

the #blockchain are the present in the change of finances and the future in the way of working. #EFX can be the beginning of your working world with cryptocurrencies.

Don Rivera
Don Rivera
4 months ago

Its time to own Dogecoin.
( DOGE )

Baron Kartel
Baron Kartel
4 months ago

PONZI/PYRAMID SCHEME WARNING!! It doesn't take ape to figure out that all the crypto coins will continue to be printed at a much faster pace than any legit currency. Do not pump your stim checks that are meant to stimulate your OWN economy into hot air. These crypto currencies are directly linked to black market drug dealers, rogue nation states, child endangerment and above all a lack of education. Why on earth would you want to devalue your own currency in favor of a digital fiat that will be pumped and dumped the next day. Have some pride in yourself and your country sheeple. DO NOT BELIEVE THE HYPE or that YOU DONT KNOW FINANCE – GAMBLERS SMH

NHAPZTv
NHAPZTv
4 months ago

i just allowed to accept crypto currency as payment. i am a car dealer ship in Virginia.

MEOW - Cats From Movies -
MEOW - Cats From Movies -
4 months ago

The #blockchain is now richer with #EFX! You should definitely check them out!!

Juan Rivero
Juan Rivero
4 months ago

one of the #Crypto #hiddengem is #EFX. because it has a big use like fast translations, soon they would be migrating to #BSC

Jerry Savior
Jerry Savior
4 months ago

Bitcoin price is currently headed well for a new time high once again. With the second crypto currency by market cap having no clear resistance above it, it has now entered price discovery mode, and what's next is everyone's question. I personally think now is the right time to take advantage of the current bearish run and make money level !raging trades rather than just holding until the bulls take over. I'm not a pro trade but I was lucky enough to make 13+BTC with 2.1 B T C since late last year following the instructions and signals from Example Mr. William. runs programs for investors / newbies who lack understanding on how trading Bitcoin works, to help them utilize the volatility of the crypto market and also stack up more bitcoin. You can easily get to him on ͲҽӀҽցɾąʍ @Wiliam0098 or 𝚠нαтαѕαρρ(( + 1 4 0 5 4 5 8 0 3 7 0 )

xXHoLyXxSiRsHoK
xXHoLyXxSiRsHoK
4 months ago

I predict it will go back up Friday and Saturday. Pay day for most 9-5rs xD

Mo Hussain
Mo Hussain
4 months ago

I wanna warn that people who are recommending professional account managers in the comments are possibly scammers. They all have American names Elliot, Benjamin, Brian etc. but when I spoke with them on phone, they have a heavy accent, one of them started calling me bro lol, I bet no professional account manager will call you a bro. They are most likely scammers. Be careful before handing your money to scammers.

joseph aby
joseph aby
4 months ago

The #altseason is here, don't be let out because #crypto is here to stay, with #efx you are on a smooth journey

P Batt
P Batt
4 months ago

Don't believe a word nbc tells you. Best investment advice ever👍
DOGE to the 🌛🌛🌛

Jonathan Tyler Fermin
Jonathan Tyler Fermin
4 months ago

Forget DOGE, time for SHIBA INU Coin

Joséphine Adams
Joséphine Adams
4 months ago

There’s no doubt in my mind that we are not only going bull, but BTC is going nuclear. A lot of people are wondering if now is a good time to buy because of where the price is at right now. I’d say it’s outrightly wrong to just sit back hodl and wait maybe incur some losses along the line, that’s a wrong mindset for an investor because an investor finding ways to always increase and stack up more coins thereby making prof!ts should be the way of life that being said, the market is still all about BTC at the moment and I’ll advise current investors and newbies to take advantage of Expert Jasmine Arter’s trading strategy , A pro trader and analyst who runs a trading program on crypto trading for investors/ newbies who lack understanding on how trading Bitcoin works, to help them recover loss from the clash and also accumulate more bitcoin, with her strategy, I went from having 1.5btc to 8btc in just 9 weeks . You can reach her through
Whqt” app let make the best of whatever we can

Mr Cookie
Mr Cookie
4 months ago

Doge to the moon!

Marek Giedyk
Marek Giedyk
4 months ago

This is almost the end.

Sport Model
Sport Model
4 months ago

150,000,000% growth in 5 yrs., and people doubt it will go another 2,000%?

Joel M
Joel M
4 months ago

Doge is the next Bitcoin

Good Time
Good Time
4 months ago

Ethereum 💥

Florin Sorin Morosan
Florin Sorin Morosan
4 months ago

Bitcoint will going down and Doge to the Moon .

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