“TO THE MOON?!” With that said, I will like to propose why Dogecoin will reach $1 in 2021. Even though I am pretty sure it’s happening, do not take this as financial advice. And always do your own research before putting your money somewhere. Doge is currently trading at 44 cents and is almost halfway there to $1. In 2021, the price of the currency has grown more than 72 times and continues to increase as the Elon Musk event nears. But more than the growth, the importance should be put into the fact that Dogecoin is going mainstream.
Image credits: gadget.ndtv.com
In the past few months, the popularity of Dogecoin has skyrocketed. This has led to immense growth in its price and usage. There are many companies and online stores that accept Dogecoin as a payment method. A lot of them have added this payment method in 2021. But why? There are two reasons! The first is the kind of media coverage, and publicity companies get on doing anything related to Doge. And secondly, even they don’t want to miss out on the growth opportunity of Dogecoin.
In fact, today, I wrote an article talking about the Dogecoin beer from Budweiser and the Doge tweet from Snickers. You can read that here. Slowly companies are getting in on the joke, and therefore, the joke is getting bigger.
Guess what day it is? . Tomorrow? ? (not an actual Snickers pack, just a cool gif)
— SNICKERS (@SNICKERS)
When you put your money into a cryptocurrency, you are actually betting on its network? ETH and BTC are popular because they have a strong network effect, and for every new user, there is an exponential growth to this network. And slowly, Dogecoin is enjoying that network effect. The thing that started as a meme used to get investments from only Reddit users and some geeks. But now, it is slowly branched out to be an investment option for many.
Okay, all this combined with the fact that Elon is trying his level best to get people into the Doge madness makes it highly probable that we will reach $1 real soon. The end of 2021 is a safe bet, but I don’t think it will take that long.
Is Doge investment safe?
No, it’s not! There is a lot of pumping going on in the currency, and at some point, it’s gonna dump, and I am pretty sure you wouldn’t want to make an entry at that point. The network of Doge has no intrinsic value at this point, and until it does, the investment is not safe. Speaking tech-wise, the network isn’t very safe to use and is also inflationary. If one makes a timely entry and exit, it could give huge profits, but other than that, not a smart investment.
Also, Read: Robinhood slammed Warren Buffet after he took a shot on the platform.