Ether (ETH) continued its stellar run and crossed the $3,500 barrier today. Dogecoin (DOGE) also joined in on the party as its price soared above $0.61 earlier today as Gemini exchanged added support for the coin following a similar step by eToro.
Traders may be buying DOGE with the expectation that Elon Musk will shill the token during his upcoming appearance as the host of Saturday Night Live.
While the rise of DOGE is tempting, traders should be careful with their bets because barring the jawboning by some popular individuals, the fundamentals of the coin look shaky.
Crypto market data daily view. Source: Coin360
Although altcoins are having a field day, Glassnode recently pointed out that Bitcoin’s (BTC) Stablecoin Supply Ratio had plunged to a 2021 low at 13.4. The SSR is calculated by dividing Bitcoin’s supply by th stablecoin supply and its all-time low is 9.6. Glassnode said the low SSR value was a bullish sign as it showed greater availability