Dogecoin has become so much more than just a joke or “meme coin,” which is what it began as. Nowadays, Dogecoin is being taken as seriously as one might take bitcoin or Ethereum.
Dogecoin Is Reaching New Highs
The asset has recently added as much as 130 percent to its overall price. It is presently trading for nearly 69 cents, and analysts say that one dollar per unit is not too far off. This all comes as Elon Musk – the South African entrepreneur behind billion-dollar companies such as SpaceX and Tesla – prepares for an upcoming appearance on the popular sketch show “Saturday Night Live,” which has been on the air for over 40 years at this stage.
As we all know by now, Elon Musk loves bitcoin, but he really loves Dogecoin, going so far as to say that he would like to leave the latter asset on the moon. It is still up for debate whether he wishes to have the price of the currency reach its highest point or whether he wants to use one of his many rockets and leave some Dogecoin units on the moon. Either way, this really caused the asset to hit new peaks, and now as he prepares for his upcoming television performance, it looks like the currency is reacting positively again.
In a new report, Galaxy Digital Research mentions the following about Dogecoin:
Dogecoin has remarkably strong fundamentals and powerful forces supporting its rise. A genuine origin story, longevity, and a growing community of users who appear determined to meme a Shiba Inu-themed global currency into existence. We do not expect Dogecoin to become the world’s most valuable cryptocurrency anytime soon, but Doge should not be ignored… In our view, current Dogecoin volatility is fueled by mania, but it is likely that Dogecoin will continue to be part of this cryptocurrency story over the long run, always in bitcoin’s shadow, but always… outperforming to surprise us all.
Given how much attention the currency has gotten as of late, Dogecoin is now considered the fourth most valuable digital currency by market cap, which presently exceeds $90 billion. At press time, there are more than 129 billion Doge units in existence.
It May Continue to Grow
Carol Alexander – professor of finance at the University of Sussex Business School – says:
Right now, Dogecoin’s price is boosted by its ‘retail-rebel-Reddit’ following. It costs so little, that retail investors can hold a lot of Dogecoins. It has also taken over the ‘rebel’ role that bitcoin used to have (two fingers up to the establishment), and it has the backing of the same Reddit forces that took on the big institutional investors with GameStop GME, who coordinate buying after Elon Musk blows the start whistle. It is a low-cost, high-risk investment with the potential for massive returns, which cannot be found elsewhere at this time.