“Started as a joke, Dogecoin has garnered the attention of billionaire Elon Musk and gained easy access through free-trading app Robinhood“–Paul Ebeling
Dogecoin is a digital coin based on a Shiba Inu meme that started as a joke in Y 2013 when the cryptocurrency boom was in its infancy and is running wild on Wall Street.
Coinbase lists Dogecoin with a market cap of $780B, based on the multiplication of price and created coins. That is almost 2X that of Ford ($45.2-B) and Twitter ($42.1-B)
Dogecoin was trading at about 58c Thursday afternoon; it broke above 50c a share for the 1st time Tuesday.
That means an investor who paid in $1,000 on 1 January 2021 would now have around $120,000.
This yr alone it has risen over 14,000%, from $0.00468 on 31 December taking it past more widely used cryptocurrencies such as the Tether stablecoin and XRP to become the 4th-largest by market cap.
Reviewing Thursday’s economic data: Initial jobless claims for the week ending 1 May declined by 92,000 to 498,000 the lowest mark since 14 March 2020.
The Key takeaway from the report is the downtrend in initial claims, which is consistent with an economy that is reopening and hiring.
Thursday, the benchmark US stock market indexes finished at: DJIA +318.19 at 34548.53, NAS Comp +50.42 at 13632.88, S&P 500 +34.03 at 4201.62. The Russell 2000 finished flat.
Volume: Trade on the NYSE came in at 1-B/shares exchanged
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Very Bullish in here.
Looking Ahead: Investors will receive the Employment Situation Report for April, Consumer Credit for March, and Wholesale Inventories for March Friday.
Have a healthy day, Keep the Faith!