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Dogecoin’s [DOGE] growth proves crypto-market is unrelated to stock market, claims John McAfee

Yash Rajan



John McAfee regards Dogecoin, a booming cryptocurrency as market acceptance skyrockets
Source: Pixabay

US presidential candidate and software pioneer, John McAfee, is one of the foremost crypto- proponents in the space. However, despite his support for cryptocurrency, McAfee hasn’t shied away from taking shots at popular cryptos from time to time. However, he’s in the news again after he applauded Dogecoin’s persistence and valued its growth potential.

Dogecoin, a coin introduced in the market as a joke currency, has gained massive adoption over the years as its usage surged. The ‘meme coin’ was initially used to tip as a token of appreciation for those who shared great content or generated valuable substance.

McAfee shared his views on Dogecoin via his Twitter, tweeting that,

“Doge started life as joke/prank coin. The coin now has a market cap of $360 million. The crypto market is, in no way, related to the stock market. Inherent value is, ultimately, based on usage. Doge is one of the fastest growing coins based on use. Go figure.”

McAfee highlighted the fact that despite being conceived as a joke coin, Dogecoin has emerged as a viable cryptocurrency since it has over the years, claimed several supporters and fans. Adoption of the meme coin recorded a major surge on the back of major coins such as Bitcoin [BTC] surging in 2017, as well as over the last few months. The popularity of Shiba Inu memes within the cryptoverse also accelerated the use and adoption of the coin.

McAfee also used this point to highlight the difference between the operation of a cryptocurrency market and the stock market. Unlike stock markets, cryptocurrency markets operate on an increasing rate of adoption and trading volume. In that respect, Dogecoin seems to be converting several previous doubters of the meme coin, to believers.

It would thus seem that Dogecoin today, is well beyond what Billy Markus had envisioned when he originally created it. Markus has envisioned creating a cryptocurrency that was well beyond the comprehensive demographics catered to by coins such as Bitcoin and the rest of the altcoin universe.

John McAfee isn’t the only one who’s big on Dogecoin. Recently, Elon Musk was ‘appointed’ CEO of Dogecoin after a popular vote. While Musk did ‘resign’ from the post soon, he has spoken highly of Dogecoin on some occasions.

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