Elon Musk has made it clear that he has deep support for the DogeCoin movement. DogeCoin is defined on FORBES as “Dogecoin may be used for payments and purchases, but it’s not a very effective store of value. This is chiefly because there is no lifetime cap on the number of Dogecoins that may be created by mining—meaning that the cryptocurrency is highly inflationary, by design.”
Elon recently appeared NELK’s Full Send Podcast which was a quite exciting podcast to say the least. When Elon was asked about crypto ect he responded with ““I’m mainly supporting Doge frankly. Because I think DOGE has the memes and the dogs and has a sense of humor and doesn’t take itself too seriously.“
Elon truly never seems to miss an opportunity to talk about DogeCoin. and when asked “What you can even do with DogeCoin” he responded with the fact that you can even buy merch at Tesla and other companies of his.
DogeCoin is currently sitting at $0.069 Per Coin (NICE) Which is quite a long way from the most recent highs.
DOGECOIN TO $1
The entire crypto market has been at a low point since the start of the bear market early this year 2022. This has holders of all walks of life stressed, excited or maybe a little of both. The true question is what then next bullish catalyst will be to send Dogecoin to a new fresh all-time high.
Diehard Dogecoin supporters still think that the coin could hit $1.00 within the next few years. To be fair the coin did reach $0.74 per token in May of 2021 which was outstanding. Elon Musk CEO of Tesla and other Dogecoin Maxis are rooting for the $1 price point to be reached in the next up and coming years.
$1 per coin would make the market cap for Dogecoin around $130 billion which although is unlikely, anything is possible!