Dogecoin (DOGE), the 43rd cryptocurrency by market capitalization earlier has been said to be one of the most prospective coin to hold ahead of 2021. Its volume and liquidity are lower than the top cryptocurrencies. However, the coin also has a relatively large circulating supply currently at 127.5 trillion coins.
Incidentally, as 2021 is only days away, the coin is currently the most talked-about cryptocurrency. Trading at $0.0045, the current price may be a stepping stone, as analysts predict higher prices over the coming months.
However, the coin is yet to be listed on Coinbase, America’s largest cryptocurrency exchange, and eToro. Instead, the coin is listed on Robinhood where only seven crypto coins are available to be traded. This creates an interesting situation, giving rise to ample speculation.
Elon Musk Tweets About Dogecoin
Tech guru and Dogecoin fan Elon Musk stirred the Dogecoin market a bit. one simply tweet immediately sent DOGE”s value up by 20%. Whether this is a good or bad sign, remains subject to debate.
The crypto spiked to $0.0047, its highest mark since early July of 2020. At press time, some of the gains are undone, as DOGE trades hands at $0.0045 on Binance.
Tweeting about Dogecoin is nothing new for Musk. The billionaire inventor has called Dogecoin his “favorite cryptocurrency” in the past. He also temporarily included the label “CEO of Dogecoin” in his Twitter account biography. Sunday morning, Musk’s account describes him as “Former CEO of Dogecoin.” He never held any official position related to the project, however.
Musk also said one or two things about Bitcoin in several tweets. In one instance, he said Bitcoin is almost as BS as fiat money,” which could be construed as a backhanded compliment if one tries hard enough.
Dogecoin, a meme-based cryptocurrency, made headlines in July after TikTok users started a campaign dedicated to pushing the price of 1 DOGE above $1. Although the price surged back then, attempts to take it to $1 were unsuccessful. It hit its all-time highest price, $0.0046 back then, the price range it visited today again. Every market goes through patterns and trends every now and then. It doesn’t signal a breakout by any means.
What Is Required For DOGE To Hit $1?
Dogecoin (DOGE) is known to have started as a joke back in 2013. The crypto is based on an internet meme back in 2012. It gained a loyal following, but was never taken seriously by the majority of cryptocurrency enthusiasts.
In 2018, the coin hit 1 cent and at one point, was up by over 5,000 percent. It crashed, however, alongside all other cryptos during this period.
For the crypto to hit $1, it has to hit a market cap of $120 billion and by then, its market cap would have surpassed that of Ethereum, Litecoin, and XRP, among others. A very unlikely scenario under the current circumstances, but nothing is impossible in this industry.
The information in this article does not constitute investment advice, nor does it reflect the opinions of BlocDesk or the other writers contributing to this platform.