Crypto bull calls dogecoin a mania along with Also a bubble, says That Her Company has Not touched it

The meteoric growth of dogecoin this season is”certainly a mania,” crypto bull Meltem Demirors advised Daily Reuters on Monday, stating there is a reason her electronic asset investment company has remained away.

Dogecoin, that was launched as a joke in 2013, became popular on societal websites across the time of this Reddit-fueled trading frenzy between GameStop and some other so-called meme stocks.

Also Read: Bitcoin is back up Following a five-day slump

“It is a traditional type of bubble, in my opinion,” explained Demirors, chief strategy officer in CoinShares. “I am not saying it is bad or good. … Dogecoin isn’t for me. My company doesn’t create analysis on dogecoin because of this. We do not possess a dogecoin [exchange-traded product] from the industry. We do not trade dogecoin.”

Dogecoin has jumped around 5,600percent annually since it traded about 27 cents per token Monday morning, based on info from crypto news website CoinDesk. Its all time high was attained earlier this month approximately 45 cents. At the beginning of 2021, dogecoin was values fractions of a cent.

Novogratz advised Daily Reuters last week that the dogecoin situation”is much more eccentric” than what occurred with GameStop.

“At the close of the daywe have these retail manias, and that I think what is happening with dogecoin is unquestionably a mania and we see this reflected in the purchase price,” explained Demirors, including it reveals to a few individuals who”investing is amusement.”

“An entertaining game is gaming, and that I don’t feel that gaming ought to be encouraged”

Before this month, the”Mad Money” host disclosed that he paid a mortgage using earnings on a few of his own bitcoin holdings.