Dogecoin has been in the news for all the good reasons. This has seen a spike in price with the coin hitting the top ten for the first time since its launch in 2013. This is after Elon Musk developing a soft spot for the fun oriented coin.
The Space X and Tesla founder tweets about the coin has generated a lot of interest in the digital money market. Dogecoin supporters are optimistic that the support will drive Dogecoin adoption and increase its user cases in the near future.
The spike in Dogecoin (DOGE) price is a clear indication that the coin is fun on the outside and serious on the inside. After a series of tweets, the coin price has hit all time high this year. According to the Tesla CEO, DOGE is the “people’s crypto” and not designed just for the “high profile” holders.
Elon Musk Support for Dogecoin and Crypto
Elon Musk support for cryptocurrency is not something new. Early February, he indicated the possibility of Tesla accepting Bitcoin (BTC) for its a electric car brand, a move that saw BTC price spiked by 14 percent to hit an all time high of $44,000. At press time, BTC price stood at $58,127 after gaining 1.77% against the U.S. dollar.
The ripple effect as seen the altcoin market prices appreciate. Dogecoin price hit an all time high of $0.085 with many supporters turning to social media to celebrate the spike. This has seen celebrities like Gene Simmons and Snoop Dogg show support for the coin. The rally has seen the DOGE value shoot above the $10 million pushing to become the 10th most valuable coin as per CoinMarketCap rankings before slipping back to the current 15th position.
Dogecoin Adoption and Use Cases
To make the digital asset the people’s coin, Musk has urged DOGE holders to off-load their holdings for him to fully support the coin. He goes on to add:
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo”.
This comes after Tesla made it public that it has invested $1.5 in Bitcoin a move that is seen to woo institutional investors into the crypto sphere. Interestingly, the Dogecoin tweets have driven the coins price north with the ripple effect being felt on a U.S. popular video outfit; GameStop.
With the renewed interest and support, DOGE is set to attract increased adoption and the likelihood of attracting new user cases. Created a joke digital coin, many crypto goers have been holding DOGE for its sentimental value. However, this has attracted high profile holders limiting the amount circulating in the market.
If the amount of Dogecoin held by whales is released into the digital money market, the price is DOGO could skyrocket. This is the future of DOGE Musk is pushing for. Once this is achieved, the number of user cases will also rise making it the “people’s crypto”.
Future of Dogecoin (DOGE) Promising
Dogecoin growth rate is highly predictable making it the best choice to use in trading. However, this is only possible if whales do not hoard the digital asset. Generally, hoarding f altcoins has seen Bitcoin continue to dominate the market.
By design, Dogecoin supply is inflationary as opposed to defamatory making it the best choice global coin. The increasing Elon Musk support does not only drive Dogecoin adoption but is aimed at increasing the coins’ user case since it offers the right entry point to crypto for the masses.
