It is surprising to see that the cryptocurrency market, which started as a futuristic concept about 12 years ago, has rapidly grown to worth over an astronomical $1 trillion. While Bitcoin and Ethereum seem to be the leading coin in the market, there are many more coins making waves in the crypto markets. One of such assets making headlines at this time is Dogecoin. You can always check how much is 1 Doge to USD using an crypto converter.
Although it started as a joke in 2013, Dogecoin has grown to register its name among the top 10 digital assets in the crypto world. At the beginning of April, the token was hovering around $0.05, but it has since then continually break price records and hit an all-time price of $0.67. Looking at the sudden surge in the price of Dogecoin, many people have been wondering if this could be just the best time to jump on the wagon and invest in Dogecoin.
At the same time, many people have been asking if this ‘miracle’ coin could ever hit $1 before the end of the year. In this article, we will be looking at the probability of Dogecoin hitting a dollar mark and the reason why it’s getting so much attention at this time.
What is Dogecoin?
Dogecoin (DOGE) is an altcoin created by Jackson Palmer in 2013 and named after the popular Japanese dog meme. When the token was initially created, it started as a joke, and no one expected it would become something this real. But now, the coin has grown in popularity that it has a thriving community behind it. Thanks to its low fees and fast speed, Dogecoin has gained a fair share of popularity in the crypto market.
Earlier this year, DOGE experienced a tremendous increase in price that got so many people talking about it and investing in it. Its rise from $0.000232 in 2013 to its current price of $0.67 has taken the crypto market as a surprise. However, if we carefully look at things, Dogecoin doesn’t just receive a sudden surge in price; there were some factors that came together to drive the movement.
Why Dogecoin Got So Much Attention Lately
#1: Positive cryptocurrency industry sentiment
It is easy to wonder why the price of Dogecoin keeps going up, and the coin is receiving much attention by the day. One major factor behind this is the ever-increasing positive cryptocurrency sentiment, which in turn causes an increase in the prices of coins generally. That means it is not only Dogecoin getting the attention at this time but the entire crypto market.
Recently, some reputable companies and businesses announced that they have now begun accepting or at least recognizing the value of digital currencies. Venmo recently announced that its customers – more than 70 million, can now buy cryptocurrencies for as little as $1. Tesla has started accepting Bitcoin payments for its cars, and Mastercard and Visa are already making a move to streamline crypto payments on their networks. These and many more are one major reason for the increase in popularity of digital assets, including Dogecoin.
#2: Elon Musk and other Celebrities
Apart from positive sentiment being received by the cryptocurrency industry, another reason for the recent Dogecoin popularity is the tweets from some celebrities and brands, including Tesla CEO Elon Musk and the popular rapper Snoop Dog. Earlier this year, after Musk tweeted “Doge” and “Dogecoin is the people’s crypto,” there was about 50% surge in the price of the coin. Just about a couple of weeks ago, the Tesla CEO also tweeted “Doge Barking at the moon.” That again further boosted the price and popularity of the coin even more.
We have also seen some brands like Snickers, Milky Way, Slim Jim, and others tweet support for the cryptocurrency, with the goal of sending the coin’s price as high as possible. However, that trick seems to be working as more and more people daily accept and invest in Dogecoin.
#3: Doge Day
If we are looking for reasons Dogecoin is gaining so much attention at this time, we won’t be able to conclude without mentioning the recent Doge Day celebration. The 4th day of April was initially tagged the National Marijuana/Weed Day, but this year, an army of Dogecoin advocates decided to declare the day as “Doge Day,” using social media to further drive in that into people.
They started using hashtags such as #Doge420, #DogeDay420, and #DogeArmy, and this, of course, propel the value of Dogecoin and cause it to increase in price, driving towards the $1 mark. Right from the early years of cryptocurrency, it is clear that the price of a coin is often determined by how much people talk about it. So while individually, these small plugs from brands and celebrities may seem potentially irrelevant, they have made a good promotion adding to the popularity of Dogecoin.
Will Dogecoin Ever Hit 1 Dollar?
While it may still be hard to say how high Dogecoin can go in the coming months, if the recent trend continues, the coin might eventually hit $1 before the end of the year. Looking at the present positive sentiment received by cryptocurrency, plugs from celebrities and “tastemakers” like Elon Musk, and a community of passionate supporters behind the coin, it is safe to say Dogecoin might reach $1 soon.
Also, judging by how well the token has grown over the years – roughly 5,000 percent gains, it won’t be ridiculous to predict Dogecoin price reaching $1 soon. However, investing in cryptocurrency can be a big risk because the market is highly volatile. While the price of Dogecoin is going up now, it might go the other way round in the next minute. So, if you are considering investing in Dogecoin, don’t do more than you can comfortably lose.
If you want to jump on the wagon and invest in Dogecoin, you can buy your coin or learn more about DOGE from Anycoin Direct. The platform is quick, easy, and very reliable. Dogecoin is presently enjoying a good hype; you will do well to invest now before it’s late. But do your research well before making the decision!