Dogecoin Rally A 'Middle Finger' To The System, Says Bitcoin Bull Novogratz

Galaxy Digital Holdings Ltd (OTC: BRPHF) CEO Mike Novogratz said Wednesday that the current Dogecoin (DOGE) rally is akin to a “middle finger” to the traditional financial system.

What Happened: Novogratz said on CNBC’s “Squawk Box” program that “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.” The cryptocurrency bull reiterated it would be “very dangerous" to be short on DOGE.

Novogratz is not “participating on the long side” either, counting it as equally dangerous. "Because once that enthusiasm dies, if it dies, you could have a long way down," he noted.

Since the year began, DOGE has risen a spectacular 13,746.78%, beating year-to-date returns of the two largest cryptocurrencies by market capitalization — Bitcoin (BTC) and Ethereum (ETH).

See Also: How to Buy Dogecoin (DOGE)

BTC has run up 96.99% since 2021 began and ETH has appreciated 374.84%.

At press time, DOGE traded 12.18% higher at $0.64 in a 24-hour period. BTC traded 3.82% higher at $56,846.82 and ETH traded 4.46% higher at $3,467.23.

Why It Matters: On Wednesday, Novogratz’s Galaxy Digital Research released a report titled "Dogecoin: The Most Honest Sh*tcoin.”

The report takes into stock a variety of metrics and pits DOGE against BTC to conclude that the Shiba Inu-themed cryptocurrency has “remarkably strong fundamentals and powerful forces supporting its rise.”

Galaxy Digital lauds the coin for its honesty and calls it an “admirable project.”

The latest rise of DOGE is fueled by social media buzz and the coming appearance of Tesla Inc (NASDAQ: TSLA) CEO Elon Musk on “Saturday Night Live.”

What Else: Novogratz-headed Galaxy Digital Holdings announced Thursday it will acquire BitGo, a digital asset financial services firm, in a cash and stock deal with an aggregate transaction value of nearly $1.2 billion, based on Galaxy Digital’s closing share price on Tuesday.

Read Next: Could Elon Musk's SNL Hosting Tank Dogecoin Price With Profit-Booking?