Ahead of Elon Musk's appearance on SNL, there are speculations that the Dogecoin's current uptrend could herald a rally to $1.
Major Signals
- In just four months, Dogecoin has 10,000X.
- It is now worth about half a dollar.
- Elon Musk is notorious for making or breaking DOGE's price.
- He is scheduled to talk about Dogecoin on SNL.
- eToro recently listed it because of popular demand.
As shown by its remarkable rise since the beginning of the year, Dogecoin is shaping up to become one of the very lucrative jokes amongst cryptocurrencies.
On January 1, Dogecoin was worth less than a penny. After just over four months and a 10,922 percent increase in value, the coin is now worth just over half a dollar.
Despite the coin's 50% market correction as late as mid-April, the rapidity with which Dogecoin has grown should serve as a cautionary note to would-be investors. The related variance was seen in February when a single tweet from Elon Musk seemed to reverse almost 25% of Dogecoin's increase in just a few hours.
Last month, members of the Dogecoin community appeared to try to inflate the token's price by making the hashtag #DogeDay trend during the week of April 20.
Information from AssetDash shows that Dogecoin's market cap is valued close to $53 billion, which is greater than that of the stablecoin USDT. Tether has a market cap of $52 billion, $400 million less than that of Doge. At $45.1 billion the token has also exceeded Twitter's market capitalization by about $2 billion
The DOGE price has risen for the past week as a result of eToro, a crypto-friendly exchange platform, announcing that it will begin listing Dogecoin.
Due to high customer demand, eToro has added DOGE to its website. The token will now be available for purchase and sale to the platform's 20 million users.
Some speculate that the rally is attributable to Musk's upcoming hosting gig on Saturday Night Live, with Musk hinting that he'll be in a comedy sketch called "The Dogefather. Non Fungible tokens were previously spotlighted on the tv series in a rap comedy sketch starring Kate McKinnon as U.S. Treasury Secretary Janet Yellen. Most detailed info on the innovation was presented by Jack Harlow. Miley Cyrus, who is invited to appear during the show, will follow suit for DOGE.
The value of DOGE has grown exponentially this week, owing to eToro's integration, social media pushes from the DOGE Army, and mentions from famous Dogecoin supporters including Tesla CEO Elon Musk and Shark Tank star Mark Cuban.
The price of Dogecoin is $0.41 at the time of writing, up more than 57 percent in the last seven days.
In just 30 days, DOGE has risen 944 percent against the US dollar and over 1,000 percent against bitcoin (BTC). DOGE has risen 1508 percent against the USD and more than 900 percent against BTC in the last three months, according to 90-day statistics.
Conclusion
Although there is some inflation on BTC now, the crypto community considers it to be a deflationary crypto asset. Dogecoin, on the other hand, has a global circulation of 129,461,434,269 DOGE and is considered inflationary.
When we say that something is deflationary it means that over time, it is much more likely for the price of the asset to go down. But when something is inflationary means that over time the assets are designed to increase and keep increasing in price. So when we say that Dogecoin is inflationary it means that over time, even though it's currently at a peak price now it will still fall back in price.
Notwithstanding this, many owners of DOGE have benefited greatly from this increase and decrease pattern. They buy when the price crashes and then sell when it is at a high. There is a lot of speculation that with Elon Musk's SNL appearance, Dogecoin could peak, even reaching as much as $1.
Question of the day
What do you think, will Doge ever reach $1? Let us know what you think in the comments.
