Ethereum Is Suddenly Rocketing But Dogecoin Is Still The Crypto Price King
Ethereum, the second-largest cryptocurrency after bitcoin, has shot higher this week, adding a staggering 25% to its already huge recent gains.
The ethereum price, now within touching distance of $3,000 per ether, has been boosted by the European Investment Bank’s (EIB) debut digital bond sale, issued on the ethereum blockchain, and praise from Wall Street giant and bitcoin convert JPMorgan
However, even as ethereum investors and developers celebrate the soaring ether price, “joke” cryptocurrency dogecoin is rocketing further and faster—adding almost 50% to its price over the last week.
Dogecoin, based on the Shiba Inu doge meme and a favorite of Tesla
The dogecoin price has so far held its ground, defying critics who have warned its price is likely to come crashing down as quickly as it has risen. And cryptocurrency traders hoping dogecoin will hit $1—up from around 38 cents—continue to pile in.
Elon Musk, a long-time supporter of dogecoin who was voted its CEO in a 2019 Twitter poll, has helped buoy the dogecoin price, regularly tweeting dogecoin memes and jokes, most recently cueing up his hotly-anticipated appearance on Saturday Night Live next week by posting: “The Dogefather.”
Dogecoin has shot into the cryptocurrency top ten in recent months and looks set to break back into the top five with its total market value currently just under $50 billion. Bitcoin, for comparison, now has a market capitalization of just over $1 trillion.
Ethereum, in many ways the cryptocurrency antithesis to dogecoin, is meanwhile up more than three-fold from the beginning of the year as it emerges as “the backbone of the crypto-native economy.”
This week, the EIB, the European Union’s lending arm, used ethereum to issue digital bonds, worth over $100 million, for the first time—leading to claims from cryptocurrency and blockchain advocates the financial market is poised to adopt crypto technology.
“Over time I expect a complete rewiring of centralized capital markets to leverage decentralized financial blockchain markets,” Seamus Donoghue, vice president of strategic alliances at digital asset infrastructure provider Metaco, said in emailed…