If there's any clear evidence that Dogecoin holds a bright future, heading towards a big boost in value, it is that the meme coin has turned green once more after shedding a considerable share of its value the past weeks. Not to mention that it received support from another investor platform.
Dogecoin is up 5.02 percent Wednesday, trading at $0.33 due to encouraging developments surrounding the digital asset, Forbes noted.
Dogecoin Price Prediction: Bright Future With More Investment Platforms
British challenger bank, Neobank Revolut announced on Tuesday that its users could trade Dogecoin on their investment app, Yahoo! Finance reported. The sixth largest cryptocurrency will be among the 30 digital assets supported on the Revolut platform.
The addition of Dogecoin is Revolut's response to user demand after crypto-assets surged to more than double its size on its platform, from $48 million in late 2018 to $121 million the next year.
In addition to Neobank Revolut's support, another investment company has likewise extended support for Dogecoin. iTrustCapital, a Crypto Individual Retirement Account (IRA) platform, now allows 401 (k) and IRA account holders to invest in Dogecoin directly.
This new deal would be enticing for iTrustCapital account holders, given that they don't need to pay for taxes when raking in those profits from a crypto-trade. According to the Yahoo! Finance report, iTrust reveled on Dogecoin's "scarce supply" making it an ideal retirement investment option. The report mentioned that Dogecoin is actually unlimited in supply, but there is a current limit of Dogecoins that can be issued each year: which is 5 billion. However, unlike Bitcoin--which the report described as a deflationary asset--Dogecoin is inflationary in nature.
Dogecoin Value: Even Ethereum Founder Earned Millions from Dogecoin Investment
Even Ethereum's founder Vitalik Buterin has increased investor's interest on Dogecoin after divulging how a $25,000 investment in the meme coin turned to millions years after. In a podcast with Lex Fridman, Vitalik said he had sold half of his Dogecoin holdings, donating $4 million to charity. Yahoo Finance said if he continues to hold the other half of his original DOGE investment, his earnings would have increased by $20 million.
But no one could bring Dogecoin prices "to the moon" as much as Space X and Tesla CEO Elon Musk, who is the self-proclaimed "Dogefather." His tweets and pronouncements have definitely brought in much value to the Shiba-Inu-based coin.
His most recent tweet declaring a "new space race has begun" has fueled increased interest in Dogecoin. It is in response to Bitmex's push to bring the first physical Bitcoin to the moon. Musk had vowed to put a Dogecoin on the moon last April.
Musk has since been acting as Dogecoin's main promoter after revealing that he is collaborating with the developers in enhancing the blockchain's "system transaction efficiency," a statement that allowed the meme-based coin to surge in value by 20 percent.
His anticipated appearance on NBC's "Saturday Night Live" in May led to Dogecoin's record high of 73 cents before its airing, but it fell to 46 cents--a 35 percent decline--when Musk joked about Dogecoin being a "hustle" during the show.