Dogecoin to the moon is a 'middle finger' to financial system, analyst

If you purchased Dogecoin at any point before February or March 2021, then you'd be one happy person right now -- with the people's crypto (in Elon Musk's own words) skyrocketing towards the moon (and hopefully, beyond).

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But now we have Galaxy Digital CEO and founder Mike Novogratz speaking with CNBC on Wednesday, with the topic of cryptocurrency Dogecoin which is up around 19,000% since this time last year. Novogratz told CNBC: "When you think about the whole spirit of what this crypto revolution is, there's something pure in what dogecoin has done. It's a little bit of a middle finger to the system. People are unhappy with the current financial system. They just are".

He continued: "It would be very dangerous to be short, I'll tell you that much. I'm not participating on the long side. I think it's dangerous because once that enthusiasm dies, if it dies, you could have a long way down. But I don't want to discredit. It's shocking that it happened".

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At the time of writing Dogecoin was worth $0.58 from its all-time high yesterday of $0.69 and currently has a market cap of $76 billion. There has been $20.9 billion of Dogecoin trading volume in the last 24 hours, and Dogecoin is now the #4 crypto only behind Bitcoin ($1.048 trillion market cap), Ethereum (402 billion market cap) and Binance Coin ($96 billion market cap) with XRP behind Dogecoin right now -- barely, with a $73 billion market cap.

Tesla and SpaceX founder Elon Musk -- who recently changed his position title to the "Technoking of Tesla" is a major Dogecoin enthusiast and HODLer. Musk will be appearing on Saturday Night Live on May 8, to much controversy between the stars of SNL and the general public who seem to turn on him when he does something like this.

If we thought the price of Dogecoin had mooned so far, we might have seen nothing yet considering Musk and his many, many tweets for what he calls the "people's crypto". He could talk about Dogecoin live on SNL and see the price fly past the moon, rocket past Mars and fly out of the solar system.

• Read more: Elon Musk moons Dogecoin, calls it the 'people's crypto'
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• Read more: Elon Musk official title changed, he's now the 'Technoking of Tesla'

To put Dogecoin's new $70 billion+ market cap into perspective, Dell has a market cap of $73.6 billion, COVID-19 vaccine maker Moderna has a $69 billion market cap, Activision-Blizzard has a market cap of $68.9 billion, and even Heineken with its $67 billion market cap. Dogecoin might have started off as a joke, but it's serious business now.