The Dogefather Elon Musk is making Dogecoin investors tense with anticipation!
Dogecoin is a cryptocurrency most investors are keeping an eye out. It has a highly erratic market price that quickly spikes up at a moment's notice. When investing correctly, this cryptocurrency gives high returns in record-breaking time.
Unfortunately, the Dogecoin market price is highly reliant on current trends. One of the biggest factors to its popularity is the marketing influence of the Tesla CEO. Musk's tweets are notoriously known to affect cryptocurrency market values, especially for the so-called joke coin.
On the flip side, Musk could also spark the start of Dogecoin's bounce back.
Elon Musk Goes Full 'Harry Potter' to Promote Dogecoin Price
Elon Musk tweeted an iconic scene from the "Harry Potter" movie, where Harry sees his "deepest, most desperate desire." The post showed a positive candlestick reading for cryptocurrency.
Musk did not elaborate which crypto coin he is promoting. However, after he suspended Bitcoin transactions for Tesla, viewers conclude that the post is advertising Dogecoin.
I had this meme saved to tweet out too but mine has a twist pic.twitter.com/VciExEz6rp— LilHumansBigImpact (@BigImpactHumans) July 7, 2021
Earlier this week, Musk also tweeted on "Dogecoin Polytopia." This showed a candlestick reading for the cryptocurrency on the rise.
Will Dogecoin Bounce Back?
At the time of writing, Dogecoin has a price value of $.23 and a market cap over $30.63 billion. Investors are staying hopeful that the value would continue to rise in the coming days. There are also other signs that point out a possible Dogecoin bounce back.
Reports said that Dogecoin is heading for a huge boost in values. It also received support from other platforms. Companies like the Neobank Revolut and iTrustCapital have added Dogecoin options to their transactions, giving customers the option to invest in the meme coin.
FTX chief executive Sam Bankman-Fried, meanwhile, called Dogecoin the "asset of the Year for 2020 and 2021." He shared that it would reflect the current economic climate as an "asset that we all have chosen." By the end of this year, the Dogecoin rise would be the result of "investors" getting together on social media and then decide collectively: what this thing is valued at."
Dogecoin experienced a lot of market slowdown due to the "negative perceptions" surrounding it and its "availability" on other platforms. Dogecoin broke the usual record for cryptocurrency growth, making it a fun but dangerous investment. Despite its faults, it is getting acknowledgment from different analysts and cryptocurrency investors.
Experts predict that Dogecoin would break through the $1 price mark by the end of the year. Analyst David Cox estimates that the Dogecoin price would be at $0.91 on average for the year 2022. At best, it could reach $1.07 and at worse might end up at the said $0.91.
Of course, investing in Dogecoin is still risky due to its volatility, so it is always better to invest with caution.
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