Dogecoin is a decentralized digital currency based on peer-to-peer technology allowing users to transfer money online. Interestingly, the “Doge” internet meme led to the creation of Dogecoin. The association with Elon Musk has continuously driven the success of the coin. In a recent tweet, Elon Musk announced his further support for the meme coin.
Dogecoin has proved to be a massively profitable investment for the short term. Speculative bets and market sentiment are likely not to be strong bases for long-term investments which should be based on the coin’s fundamentals.
Consider that some businesses accept DOGE as an option of payment. With the heat on social media where one question from a novice investor seeking knowledge on DOGE could lead to thousands of messages, the digital asset has traits of being a short-term investment that comes with instant gains. Unless Elon Musk starts the ball rolling in this bear weather, DOGE might as well be DEAD. Coupled with the fact, SHORT-TERM INVESTMENTS ARE HIGHLY RISKY, we don’t see much light at the end of the tunnel right now.
Tesla CEO Elon Musk recently made a bullish remark on Dogecoin despite the market-wide bloodbath. Musk affirmed that DOGE has potential as a currency in response to Billy Markus, co-founder of Dogecoin’s tweet. Musk likes the meme cryptocurrency and remains bullish on it.
Musk posted a rather elaborate tweet in which he spoke about the revenge instinct and whether looking the other way to the actions of the perpetrator like the good book instructs is the right way to go about it.
A Twitter user, however, joked that the Tesla CEO had hidden a coded message about Dogecoin (DOGE) somewhere in there. And you begin thinking of the ways these posts can be interpreted/misinterpreted and the whole community taking a crazy ride based on them.
Another user, though, said that Elon Musk’s post implied that Ethereum (ETH) is the most powerful cryptocurrency as opposed to Dogecoin (DOGE).
The Dogecoin price could likely wipe out recent losses and make a complete recovery. DOGE has posted nearly 4% gains overnight, and meme coin is on its path to making a comeback. Another key factor driving a bullish sentiment in the community is the high volume of DOGE held by whales and investors across exchanges. But then again, these are based on speculation and market sentiments. Anyone in his right mind could see that someone manipulating social media – a brilliant manipulator – is taking the gullible for a ride.
Today’s Dogecoin price is $0.084492 USD with a 24-hour trading volume of $616,433,621. Dogecoin is down 4.78% in the last 24 hours. The current CoinMarketCap ranking is #10, with a live market cap of $11,209,620,935 USD. It has a circulating supply of 132,670,764,300 DOGE coins.
So, what will our Dogecoin price predictions be from 2022 to 2031? Let’s find out.
What Is Dogecoin?
Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu dog on its logo. The open-source currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013.
With the introduction of several Tweets, Bitcoin turned from a meme coin to everyone’s favorite. It was considered the coin of people, and Elon Musk was called the “Dogefather.” It is the 5th most popular cryptocurrency among fans. Elon revealed in a recent statement that he owns Bitcoin, Dogecoin, and Ether personally.
Although co-founder Billy is promoting Dogecoin NFTs, his partner Jackson Palmer has remained critical of the industry, considering it corrupt and manipulated.
