Who knew that Dogecoin, a cryptocurrency that was created as a joke in 2013, would now be one of the most valuable assets for investors. The value of doge has risen rapidly over the last 2 months, all thanks to Elon Musk, who has been promoting the crypto non-stop.
The cryptocurrency, made popular by Musk, reached an all-time high last month after a 70.22 per cent in 24 hours, the highest ever surge it had seen. This took Dogecoin’s value to $0.122680 or almost 12 cents. The market cap of Dogecoin, literally listed as a ‘memecoin’, touched over $14 billion.
The surge experienced by doge was incredible, since it was less than a cent at the start of this year. It shot up to 7.5 cent before going down to 2.5 cents. It spent the last few months between three and seven cents range. However, the crypto got the boost when its price began to rise again, before smashing the 10-cent milestone.
Why is Dogecoin expected to rise?
The crypto has only been going up for the last few months, and there’s a very less chance that it will go down anytime soon. Here are some reasons why:
Support from Elon Musk
At the the moment, dogecoin holds the support of one of the richest and most influential men, Tesla’s CEO Elon Musk. Musk has made it clear various times that he is believes that doge is the currency of the future, and that he even plans on putting an actual dogecoin on the moon.
He has also been working with a special team of developers to make the crypto more useful and efficient, which will ultimately lead to a rise in it’s value.
“Working with Doge devs to improve system transaction efficiency. Potentially promising,” Musk said on Twitter
Promotion through Tiktok
It seems the current generation is also super interested in this crypto, and have been using social media platforms such as TikTok and Reddit to continuously promote it. Various memes are made on it, which at the end does attract the attention of people and potential investors.
Profits made by the crypto are an attraction
Dogecoin has made a ton of profit in a very little time, and this has attracted the interest of various investors, as they believe that it truly is going to be beneficial for them for at least a while. The more investors that get attracted, the more will be the value of doge.
Dogecoin was inspired by the popular Doge meme, which is an image of a Shiba Inu dog staring sideways at the camera with raised eyebrows.