Elon Musk #Bitcoin Moment Adds to Dogecoin, GameStop Wackiness – CoinDesk

One big question, of course, is what it all might mean for cryptocurrency prices. Prices for the digital token dogecoin (DOGE), which is basically just a doggie-faced meme, have shot up in value as rumors swirled that it might be the next to draw the attention of buck-the-system (or even just fun-seeking) retail traders.

(For the DOGE-curious readers out ther, the breed typically associated with dogecoin is shina inu, which according to the American Kennel Club’s website typically only weighs about 20 pounds but is “a well-muscled,” “spirited,” and “good-natured.” Pretty cute, too!) 

But it’s the mere existence of an alternative to the traditional financial system that might ultimately prove to be the biggest selling point for the crypto industry, which can also accurately claim to have the newest technology, broadly speaking.     

The top cryptocurrency picked up a bid near $32,000 at around 08:30 coordinated universal time (3:30 a.m. in New York) and jumped to $37,050, the highest since Jan. 19, according to CoinDesk 20 data. The 15.7% rise happened in less than 15 minutes and more than reversed the early dip from $34,400 to $32,000.

Although the U.S. economy shrank last year by the most since 1946, consumers have increased their spending on goods faster than before the coronavirus hit, as “resilient wages, buoyant stocks, low interest rates and stimulus gave most households ample spending power” while the pandemic limited payments for services, the U.S. Commerce Department reported Thursday (WSJ) :

This content was originally published here.