Dogecoin- the internet joke coin that is making headlines everywhere.
The value of Dogecoin has surged to new all time highs these last few days. So much has been going for the crypto coin it’s hard to see the coin NOT reaching that fabled $1 price point.
What is driving the price up?
Elon Musk, CEO of Tesla Inc. and SpaceX, is set to host “Saturday Night Live” this weekend, May 8. He has become one of the most prominent and vocal champions of Dogecoin this year and many speculate that he might do something to promote the crypto-meme-coin. In a recent tweet promoting the SNL event he referred to himself as “The Dogefather.”
Several popular exchange companies Gemini and eToro added the cryptocurrency to their roster. WeBull also allowed its users to start trading Dogecoin in late April.
The fact that Dogecoin’s price is thousands of dollars cheaper than Bitcoin also makes it very attractive to new investors. Why spend $55,000 dollars when you can spend $0.55 on Dogecoin?
The internet and FOMO are ultimately driving the price to the moon. The internet can do amazing things. Social media and forums like Reddit have been saturated with memes rallying and driving Dogecoin’s price up. It’s a beautiful disaster. A rare phenomenon that I’ve seen only once before, and that’s with the now famous GameStop stock.
CEO and co-founder of Gemini, Tyler Winklevoss, said it best regarding Dogecoin: “Dogecoin is no joke.”
“It’s not forced on us by a government or some other central authority, it’s chosen by us, for us – by the people, for the people.”
Are you invested in Dogecoin? Remember to never invest any money that you are not willing to lose.
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*Disclaimer- I am not a certified financial planner/advisor, certified financial analyst, economist, CPA, accountant, or lawyer, or anything important for that matter. The contents of this article are for informational, educational, and entertainment purposes only and do not constitute financial, accounting, or legal advice. Always do your own research.*