Meme cryptocurrency Dogecoin is at an all time high after Elon Musk promised to send Doge to the moon and now major companies are accepting it for trade.
Doge may be a dead meme but the cryptocurrency is alive and going strong. Today the meme crypto hit an all time high when it reached AUD$0.17 in the market. That may not seem like a lot, but early adopters have almost mine 20x returns on their initial investment.
Tech billionaire Elon Musk has high hopes for Dogecoin and has been proactively backing Dogecoin on social media. Ever since Musk started tweeting about the meme crypto it has been slowly, but steadily, going up in value and it is now at a record high and it doesn’t seem to be slowing down any time soon.
A lot of people are hopeful that Dogecoin will reach USD$1 by the end of the year which, in turn, will see many prominent Dogecoin investors become millionaires. However, this also increases the risk of pump and dump which means that long-term investors might find themselves losing big.
Like with any crypto, especially low-end, Dogecoin can still be seen as versatile and investors will also be trading at a risk. Elon Musk even expressed concerns about Dogecoin hoarders warning that it, at the time, it would be too risky for him to make a significant investment in the cryptocurrency.
That seems to have resolved itself as the tech entrepreneur has been proactively backing Dogecoin on social media and has promised to “send it to the moon” which is investor talk for sending its value high.
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