Cryptocurrency dogecoin has an important fan — Elon Musk, who has 45 million followers on Twitter and more money than any other person on the planet. A series of tweets Musk sent overnight sent the Bitcoin rival up more than 50% in trading Thursday.
The first in a series of tweets was only one word: “Doge.” That was followed by other tweets hyping the currency, which was trading at 5 cents early Thursday, up from about 3 cents before his tweets.
“Dogecoin is the people’s crypto” he said in a follow-up tweet.
“No highs, no lows, only Doge,” he tweeted later.
This isn’t the first time his Twitter attention to Dogecoin has sent shares soaring. On December 20, a tweet in which he said, “One Word: Doge,” sent the value up 20% and made it a trending topic on Twitter.
Musk has previously said his tweets about Dogecoin are “meant to be jokes.” The virtual currency, which originally started as an internet parody based on a viral dog meme, surged last week thanks to hyped-up Reddit users before plunging over the weekend.
Musk had previously been critical of more established and far more expensive cryptocurrency bitcoin, calling it BS in some tweets. But in an interview Sunday on social app Clubhouse, Musk said he should have bought the digital currency eight years ago.
“I do at this point think bitcoin is a good thing. I’m late to the party, but I am a supporter of bitcoin,” he said.
Dogecoin is an open-source digital currency, completely decentralized and anonymous. The coin was created on the basis of Litecoin’s protocol back in 2013.
The Dogecoin project was originally introduced as a “joke currency” based on a meme depicting a Shiba Inu dog. The idea behind the coin was to create a fun, friendly project that could reach a large audience and educate people about crypto.
Dogecoin cryptocurrency gained huge success on social media channels, especially on Reddit. One of the most popular uses for DOGE is to reward internet users for creating or sharing interesting content.
Dogecoin’s community is quite active on its official social channels. In June 2020, the users also launched the “get-rich TikTok challenge,” which that went viral, and DOGE has been making headlines again. Regarding the development updates, it should worth mentioning the release of Dogecoin Core 1.14.2.
Unfortunately, Dogecoin’s official roadmap hasn’t been updated yet. So we have to wait and see what kind of updates this project will have in the future.
TradingBeasts analytics forecast that DOGE price will worth $0.0039992 (+26.56%) by the end of January 2021. By the end of the year 2021, the maximum DOGE price could raise up to $0.0052571 (+66.36%) per coin. The Dogecoin’s average price will be around $0.0042057 (+33.09%).
Should I invest in Dogecoin? As you can see, analytics have different opinions on Dogecoin’s future price in the future. Most of the predictions are very optimistic. But remember that no one knows for sure what the future will bring to this crypto.