Dogefather Elon Musk makes Dogecoin investors excited with anticipation!
Dogecoin is a cryptocurrency that most investors keep an eye on. It has a very unpredictable market price that can skyrocket quickly. With the right investment, this cryptocurrency delivers high returns in record time.
Unfortunately, the market price of Dogecoin is heavily dependent on current trends. One of the biggest contributors to its popularity is the Tesla CEO’s marketing influence. Musk’s tweets are known to affect the market values of cryptocurrencies, especially for the so-called joke coin.
On the flip side, Musk could also trigger the rebound in Dogecoin.
Elon Musk is full of ‘Harry Potter’ to promote the Dogecoin price
Elon Musk tweeted an iconic scene from the “Harry Potter” movie where Harry sees his “deepest, most desperate wish”. The post showed a positive candlestick value for cryptocurrency.
Musk has not elaborated on which crypto coin he is promoting. However, after suspending Bitcoin transactions for Tesla, viewers conclude that the post is promoting Dogecoin.
I had this meme saved to tweet 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 value for the cryptocurrency on the rise.
– Elon Musk (@elonmusk) July 2, 2021
Also Read: Dogecoin Value, Investing Today: Robinhood Shows Great Doge Risk After Price Increase
Will Dogecoin Rebound?
At the time of writing, Dogecoin is valued at $ 0.23 and has a market cap of over $ 30.63 billion. Investors continue to hope that the value will continue to rise in the coming days. There are other signs that the Dogecoins may recover.
Dogecoin is reportedly headed for a huge surge in value. It also received support from other platforms. Companies like Neobank Revolut and iTrustCapital have added Dogecoin options to their transactions, giving customers the option to invest in the meme coin.
FTX boss Sam Bankman-Fried called Dogecoin “Asset of the year 2020 and 2021”. He said this would reflect the current business climate as an “asset we all have chosen”. By the end of this year, the rise in Dogecoin would be the result of “investors” coming together on social media and then deciding together: What is this thing rated for. “
Dogecoin experienced a sharp slowdown in the market due to the “negative perceptions” and its “availability” on other platforms. Dogecoin broke the usual record for cryptocurrency growth, making it a fun but dangerous investment. Despite its flaws, it is recognized by various analysts and cryptocurrency investors.
Experts assume that Dogecoin will break the $ 1 price mark by the end of the year. Analyst David Cox estimates that Dogecoin price would average $ 0.91 in 2022. In the best case scenario, it could reach $ 1.07 and in the worst case it could end at the aforementioned $ 0.91.
Of course, investing in Dogecoin is still risky due to its volatility, so it is always better to invest with caution.
Related article: Ethereum Price Prediction: ETH value could plunge to $ 1,700 amid crypto battles
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