The price of Dogecoin hits a new record. Could we see it get to $1 soon?
The price of the popular cryptocurrency Dogecoin shocked us all with the new record it achieved on May 5, when it got to $0.67. Are you curious to know why the price of it jumped and whether it could potentially get to $1? Keep reading and get informed.
At the start of April 2021, Dogecoin was worth anywhere from $0.04 to $0.05. During the same month, the currency became extremely popular and kept reaching a new record price every couple of days. Currently, Dogecoin is valued at $0.67, which is also its highest price so far. Only in the last few days, the cryptocurrency witnessed a huge increase in its price. According to the WazirX Dogecoin chart, it has seen a rise of 52% in only 24 hours. But how did Dogecoin get to this point?
Dogecoin and its brand new record price
Firstly, it is vital to point out that even at this moment the price of Dogecoin continues to increase. Originally started as a joke in 2013, Dogecoin is now the sixth-largest digital coin valued at almost $42 billion, according to CoinGecko. It takes its name and branding from the “Doge” meme, which portrays a Shiba Inu dog alongside nonsensical phrases in the multi-colored text.
Naturally, there’s plenty of factors that contribute to the rise and affect the jump in a particular currency’s price. In this case, one of the factors is how famous this specific coin became due to it being a funny meme circling the crypto space. Right now, Dogecoin is as famous as Bitcoin on social media and that says a lot. Additionally, plenty of celebrities have already begun to endorse Bitcoin and a lot of stores and retailers have also begun to recognize Bitcoin as a form of payment.
Even though it will take a long time, Dogecoin is indeed experiencing this shift from being a mere joke/meme to becoming this legit cryptocurrency that could turn into one of the payment methods sooner rather than later. A lot of brands like Slim Jim and Uber have capitalized on Dogecoin and used it in branding and ads. Moreover, Tesla CEO Elon Musk, as well as Mark Cuban (Dallas Mavericks owner), Snoop Dogg, and Gene Simmons have been popularizing Dogecoin all over social media. However, some believe that Elon’s upcoming SNL appearance is fuelling dogecoin’s rise. “Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live,” stated Edward Moya (senior market analyst at Oanda). At the end of April, Musk simply tweeted: “The Dogefather SNL May 8.” This is both a reference to his tweets about dogecoin ‒ which he claims are “just meant to be jokes” ‒ and his planned appearance on “Saturday Night Live” soon.
Meanwhile, all of us worldwide are just beginning to comprehend the many advantages of putting your money into crypto, since it’s highly possible crypto would provide a greater return than traditional investments.
Can you pay with Dogecoin when checking out from Amazon?
A few weeks ago, fans of Dogecoin initiated a petition aiming to convince Amazon to recognize Dogecoin as a valid form of payment. More than 200,000 individuals signed, as reported by an article published by Newsweek. Nevertheless, Amazon is yet to comment on the matter and currently, Amazon customers cannot pay with it. Many other brands, on the other hand, have welcomed Dogecoin. Newegg (online electronic store) has stated that customers can pay on the site with Dogecoin and that can happen via a Bitpay Dogecoin wallet.
Right now, it is rather difficult to guess how much Dogecoin’s price will increase. Nonetheless, we can surely expect that if Dogecoin keeps on rising the way it does, it won’t be long before it hits $1. Just make sure to remember that putting your money towards crypto can indeed be very risky. Crypto markets change often and that’s just the way they are. It is always highly recommended that you commit to substantial research before deciding to put your hard-earned cash into crypto. Dogecoin’s wild surge has led to warnings from some investors who view it as a speculative bubble. The digital currency is “a classic example of greater fool theory at play,” shared David Kimberley (an analyst at the U.K. investing app Freetrade) with CNBC earlier this month. Make sure you’re careful about your resources and coin-choice. Stay tuned for the latest news on Dogecoin and cryptocurrencies in general and invest with caution.