U.S. Federal Reserve President Jerome Powell commented on Dogecoin.
Speaking at a press conference on April 28, US Federal Reserve President Jerome Powell did not name questions about Dogecoin and controversial GameStop shares.
“Most people move by looking at asset prices. And I think that creates the froth in the stock markets.”
The Fed kept its policy rate unchanged in the expectation range of 0-0.25 percent. Powell also signaled that the Fed is not close to withdrawing its monetary support, claiming that the economy is still far from achieving the central bank’s goals.
“The economy is far from our goals and it will probably take some time for great progress to be made.”
With such an explanation, Dogecoin volatility continues to trade higher. With the shares of renowned entrepreneur Elon Musk suddenly growing in popularity, some analysts believe the situation will not go that way and Dogecoin will explode.
Dogecoin (DOGE) is currently trading at $0.3088, according to CoinMarketCap data.