The cryptocurrency meme started as a mere technological curiosity, but Elon Musk pushed its price up with his comments in its favor. At least 23% of Americans surveyed expect Dogecoin to reach a price of USD 1 in 2021.
The cryptocurrency meme Dogecoin (DOGE) has advanced in the markets becoming a true sign of identity of this time. Speculative investments have become part of everyday life, just like GameStop on the stock market. Yet despite its design as a joke cryptocurrency, many Americans believe that DOGE is the future of the world economy.
Dogecoin Grew Rapidly But Lost More than a Third of Its Value
The price of DOGE has had a very rapid and unexpected growth for some months. A strong community of users used it as a means of tipping creators on the Internet. At first, the cryptocurrency was nothing but a mere technological curiosity amid a much larger crypto world.
The increase in the availability of financial resources thanks to the US stimulus plans helped change this situation. They injected the world economy with US dollars, which went into the financial market. Another relevant factor was the influence of Elon Musk, who pushed its price up with his comments in favor of the cryptocurrency meme.
The price of Dogecoin went from around USD 0.01 on January 1st to its most recent all-time high of USD 0.66. That was due to a speculative bullish rally as there is no technology project to support its value. For that reason, Dogecoin is vulnerable to drops like the one it suffered in recent days. Elon Musk’s participation in the Saturday Night Live show caused it to lose more than a third of its value.
Americans Still Trust Dogecoin and Believe that It Will Be the Bitcoin of the Future
Despite everything that happened to Dogecoin, Americans still trust Dogecoin, according to a recent survey from the Gamblerspick.com website. A total of 1,001 US citizens participated in the consultation, answering questions related to Dogecoin. According to their responses, at least 23% of the participants continue to trust Dogecoin and expect it to reach a price of USD 1 this year.
According to the study, 27.6% of those surveyed had invested money in Dogecoin while 30% believe that this is the Bitcoin of the future. Regarding Elon Musk’s role in the market, 43.6% approve of his participation in promoting Dogecoin, 15.2% do not approve of it, and 41.1% are neither in favor nor against the actions of the entrepreneur.
Not all are signs of support for Dogecoin as 40% of those surveyed regret having invested in the meme cryptocurrency. About 48.8% regret having invested in stocks powered by Reddit like GameStop. Finally, one in four Americans surveyed stated that they view Dogecoin as the future of the global economy. About 46.4% of the respondents admitted investing in the cryptocurrency for fun while 53.6% did it “to get rich”.
By Willmen Blanco