Will Dogecoin break through $5 by the end of 2021?

Dogecoin has been all the rage this year. The digital asset has come a long way from being labeled a meme coin to becoming one of the hottest sensations in the cryptocurrency space. This year alone, DOGE has surged 6,000% in value and is expected to continue its sensational run.

The asset gained 47 percent last week and briefly became the fourth-largest value coin on the cryptocurrency ladder, surpassing Ripple (XRP), Litecoin, Bitcoin Cash, Tether, Coins like Cardano, all of which are household names in the cryptocurrency market, at a time when Dogecoin was considered little more than a joke.

Musk posted a video about Dogecoin: Golden Finance reported that Brett Winton, director of research at Ark Invest, posted a tweet about old-school people not understanding Bitcoin miners. In response, Elon Musk posted a video about Dogecoin, saying it "explains everything." In the video, a Shiba Inu (symbol of DOGE) sits on a rocket, making it larger than Bitcoin and other major cryptocurrencies in market capitalization.

The video also briefly demonstrates the microchips used for PoW algorithms in first-generation cryptocurrencies such as Dogecoin, Bitcoin, Litecoin, and their derivatives. Dogecoin co-founder Billy Markus also weighed in, calling the video "the best cryptocurrency video in history." (U.Today)[2022/4/2 14:00:51]

Dogecoin was trading above $0.60 early Thursday, giving it a market capitalization of $78 billion, almost $4 billion more than Elon Musk's private rocket company SpaceX. Dogecoin’s stellar performance has created a frenzy in the crypto space as interest in the digital asset is at an all-time high.

A Dogecoin Holder Sues Coinbase Over 'False and Misleading' Sweepstakes: Disgruntled Dogecoin Holder David Suski Is Launching a $5M Class Action Suit Against Coinbase, He Claims Crypto Giant Scammed He and others pay to enter sweepstakes. Suski claims that he paid $100 to participate in Coinbase's "Trade Doge, Win Doge" competition, but Coinbase deliberately hid a way to participate for free in the event, which is to mail a 3x5 index card containing the participant's Name, address and birthday. Under the laws governing sweepstakes, companies must offer participants a way to enter for free. (decrypt)[2021/7/20 1:03:28]

Now, Dogecoin is competing with some of the best assets in the cryptocurrency market. Many believe that this fiery momentum will propel the coin to even greater heights. At press time, Dogecoin is trading at $0.40, down 11.4% over the past 24 hours. However, many experts believe that the digital token has the ability to hit the $5 mark and beyond by the end of the year.

News | Dogecoin announced that it will issue meme-d coin as a bridge to connect to the Ethereum network on September 5: According to ethereumworldnews, Dogecoin announced that it will issue meme-d coin as a bridge on September 5 , running on the smart contract Dogethereum, connecting the network of Dogecoin and Ethereum, at that time the scope of operation of the pass will also increase. [2018/8/30]

Bookmakers are reportedly cutting the odds of Dogecoin hitting $5 by the end of the year. Many investors believe that if Elon Musk uses it as a payment method for Tesla vehicles, the value of the coin will explode further. Other experts believe that Dogecoin's underlying technology and its overall utility are "second-rate" compared to Bitcoin and Ethereum.

Anthony Portno, founder of Traders of Crypto, told reporters this week: “On the face of it, the reason for Dogecoin’s continued growth is a complete mystery: it’s a meme coin with terrible token economics rules and nothing going forward.” However, Dogecoin's growth is not the result of an active-zce development of its supporter camp, but relies on the "endorsement" of billionaire and business tycoon Elon Musk at its forefront.

Social media has also been a big contributor to Dogecoin's growth, as online forums for retail investors support the coin by generating enough "buzz" in the cryptocurrency space. The r/Dogecoin sub-Reddit — an internet space popular with Dogecoin users and investors — vowed at the beginning of the month to push the price to $1, before advising Dogecoin investors not to sell even if the price rose to $1. Prices above $1.

While there is a risk of a massive sell-off once the coin hits the $1 mark, its upward trajectory is expected to continue as its current "buzz-feeding" market strategy won't stop anytime soon .

Note: The original text comes from ZyCrypto, compiled by Carole, and the English copyright belongs to the original author.

Tags：

TRX