DogeCoin is still growing and is expected to continue its sudden growth. When the cryptocurrency’s value was falling, Musk made a series of tweets on Twitter, which caused the digital currency to soar by 50 per cent. Elon Musk made a series of a tweet about DogeCoin, claiming his support. The billionaire had said that he would be taking a break from social media for a while, but returned on Thursday, only after two days.
Dogecoin is the people’s crypto
— Elon Musk (@elonmusk) February 4, 2021
He first posted a tweet mentioning doge and followed another tweet by writing the dogecoin is people’s cryptocurrency. Later, he also uploaded a meme, featuring himself and dogecoin in the popular Disney’s Lion King scene. Shortly after his tweets, the value of DogeCoin jumped to $0.05798 and stood at the same value for some hours. Tesla mogul has been pumping cryptocurrencies’ values by a huge number in recent weeks.
DogeCoin has been getting attention from the investors and traders following a Reddit frenzy. The popular Reddit forum, r/SatoshiStreetBets is responsible for hyping users to increase the digital currency’s value. Users are hoping to take the dogecoin’s value to the meme and are continually urging people to keep pushing. The digital currency was started back in 2013 as a joke for fun transaction online.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Musk says DogeCoin is people’s cryptocurrency, not Bitcoin
At that time, Bitcoin was grabbing widespread attention and people were attracted to cryptocurrencies. A doge meme, featuring Shiba Inu dog was also viral over as an internet meme during the same time. The creators used the doge meme’s dog image as cryptocurrency’s logo, hoping to make it viral among the internet meme lovers. Dogecoin has never reached $1 dollar mark, but now analysts believe it could reach anytime soon.
Before Reddit frenzy, the cryptocurrency was trading at $0.0079, but later the value skyrocketed by almost 800%. Later, dogecoin hit the intraday high of $0.0707 on January 28, 2021. After a few days, the value got dumped and was trading at $0.033. Musk’s tweet caused the value to rise and stand at $0.05204 on Thursday morning. At the time of writing this, dogecoin’s current value is around $0.0455.
However, analysts predict that the digital currency’s value will again rise by 100 per cent in coming days, with expectations of hitting $1 mark by February end.
