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We Don’t Want Panic over Dogecoin Prices, Says Brian Brooks

source-logo  financemagnates.com 31 May 2021 06:16, UTC

Brian Brooks, former Acting Comptroller of the Currency at the USOCC, recently shared his views about Dogecoin and other cryptocurrency assets. During a conversation with CoinDesk, Brooks said that panic over Dogecoin prices will be harmful to Bitcoin and other digital currencies.

Brooks is currently serving as the CEO of Binance US. His latest comments about Dogecoin came after the world’s 7th largest cryptocurrency lost nearly 30% of its value in the last 7 days. As of writing, Dogecoin is trading near $0.29 with a market cap of approximately $38 billion.

“What we don’t want is a panic over Dogecoin prices to kill bitcoin or eth or some of the fundamental innovations that are going on here. I really hope that doesn’t happen, especially when I saw the news of Elon and Saylor coming together around this Bitcoin mining council and I don’t know if that’s a good thing or a bad thing, but it shows they are trying to be in the crypto space,” Brooks said.

In terms of price, Dogecoin posted significant gains in 2021. The price of DOGE touched an all-time high of nearly $0.73 on 8 May after a surge in demand from retail traders. Despite the recent drop, Dogecoin is still up by more than 7,000% since the start of this year.

Dogecoin’s Market Cap

Barry Silbert, CEO of Digital Currency Group, recently shared his views about Dogecoin and its market cap. Silbert mentioned that despite the potential of DOGE, the cryptocurrency is not worth the $37 billion market cap. “I’m truly excited to see what doge can become over time. it certainly is not going away and has one of the most passionate communities. But it is not worth $37 billion,” Silbert tweeted.

Elon Musk, CEO of Tesla, recently cleared rumors about his potential influence on Dogecoin. In a tweet last week, Musk said that DOGE has no formal organization and his ability to take action on Dogecoin is limited.