Dogecoin: Expert discusses Elon Musk’s tweets
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Dogecoin is a cryptocurrency based on the common ‘doge’ meme which is a picture of a Shiba Inu dog accompanied by silly text. On April 14, Dogecoin (DOGE) reached a record high of £0.105610 ($0.145308) per token.
This is a staggering mark up from when the cryptocurrency was first released onto Reddit just two years ago at $0.0015.
This marks a 10 times value increase in the cryptocurrency in a matter of years, and experts expect it to rise even further.
The surge in price, especially over the past few months, has been down to Elon Musk’s semi-ironic tweeting about the cryptocurrency, and just a few weeks ago the SpaceX chief promised to put a “literal Dogecoin on the Moon”.
How high will Dogecoin go?
As there is an infinite supply of Dogecoin, experts do not predict it will have the same meteoric rise as something like Bitcoin, which continues to soar.
However, if you had bought £1 worth of Dogecoin in 2018, you would now have almost £10 to show for it.
But it is not too late to jump on the bandwagon.
According to trading platform Prime XBT, by 2025, the currency could reach the $1 promise-land.
This is around eight times higher than it is today.
However, at that point, it appears as if it will plateau.
Prime XBT said: “The cryptocurrency market is cyclical, and goes through bull and bear markets of varying degrees.
“After another bear phase, the cryptocurrency market, including Dogecoin will be ready for another breakout in 2024 and into 2025 – coinciding with Bitcoin’s halving theory.
“By that time, there should be more clear choices for winners in the crypto arms race, and either Dogecoin falls out of favour or starts to approach the promised land of nearly $1 per coin.”
However, the trading site said the value of the coin is impossible to predict.
It continued: “Dogecoin can be expected to appreciate in value at a reasonable rate, but nowhere to the same prices as Bitcoin, Ethereum, EOS, Litecoin, and Ripple.
“Because of this, it is difficult to call Dogecoin a good investment when there are so many better choices available.”
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