Cryptocurrencies are all the rage among investors these days – they are the smart way for the super-rich to get uber-richer if Elon Musk is any indication. Among these virtual or digital currencies, Bitcoin may be the biggest and most well-known, but it is far from the only one. There are estimated to be about 4000 types of cryptocurrencies including Ethereum, Litecoin, Polkadot, Stellar, Chainlink, Binance Coin, Tether, Monero etc. And there is Dogecoin – this is now a contender in the space, particularly now that the Musk man tweeted about it.
This picture of a painting by Spanish artist Joan Miró tweeted by Elon Musk was enough to send dogecoin in orbit so to speak. For the first time, it surpassed the value of ten cents (clearly not in the same league as bitcoin which is currently at the heady heights of $62K).
Even investors are aware of the problem that a single tweet by one may has so much of an impact; that this is not an intrinsic but perceived value.
Elon Musk has the immense power to make or break fortunes with nothing more than a tweet. That kind of power has to be heady.
There were many tweets claiming to have made big bucks thanks to the sudden spike and expressed their gratitude to the Mighty Musk.
He said ‘to the moon’ and #DogecoinToTheMoon it was.
Predictably, dogecoin was trending and people were really bullish about it making them lots and lots of money.
People are really optimistic.
Dogecoin has risen more than 400% in a week.
Right now dogecoin is at about 34 cents and higher valuations are inevitable say some of the tweeple.
People feel it’s only a matter of time before it breaches the 50 cent mark.
Regular market watchers and traders feel that this weekend is going to be hugely significant for dogecoin.
It is worth keeping in mind however that while bitcoin supply is capped at 21million in number, there are billions of dogecoin in circulation. So, it will not be valued the same way.
Meanwhile, people are dreaming about making it big – and calculating what it would take to reach the magic million.
Many recommend holding – valuations are going up further, they predict.
A lot of the tweeple have tweeted about 20th April – apparently something big is supposed to go down then.
There are the overly optimistic people who believe that dogecoin is the ‘people’s coin’.
Even dogecoin
People are keeping a close eye on #dogecoin right now – waiting for the next dip to buy or the next surge to sell.
Do you have something interesting you would like to share? Write to us at [email protected]
