Is Dogecoin worth buying after hype surrounding its latest developments?

dogecoin co-creator

Dogecoin DOGE/USD was initially created as a “meme” token; however, over time, it has become one of the most popular ways to transfer value.

It has undergone a lot of price fluctuations that heavily rely on social media exposure.

The Dogecoin improvements as a catalyst for growth

On Sunday, Tesla and SpaceX CEO Elon Musk made several tweets about cryptocurrency, Bitcoin, Dogecoin, and the Shiba Inu Token.

Specifically, he said that he would be the first Dogecoin Trillionaire. Additionally, he talked about Dogecoin’s improvements. 

Musk was asked whether or not he had any recent interactions with the Doge Development team. He said that he did not interact with them, and in his own words, said: “Neither Jared, nor me, nor anyone I know has anything to do with this foundation.”.

He tweeted the following: “What matters imo is lowering fees, decreasing block time & increasing block size. A single layer network with exchanges as de facto layer 2 seems like the simplest solution for a medium of exchange.”

Dogecoin’s co-creator, Billy Markus, responded to Musk’s Doge improvement tweet, where he stressed that his option that Dogecoin does not be yet another blockchain that hosts NFTs or other tokens, and that DOGE just being fast, scalable and inexpensive to send is all that it really needs to be.

The Dogecoin Foundation re-launched in August, and its website lists Jared Birchall as one of the four board advisors.  Other board advisors are Markus and Vitalik Buterin.

Should you buy Dogecoin (DOGE)?

On October 25, Dogecoin (DOGE) had a value of $0.26253.

To get a better perspective as to what kind of value point this is for the token, we will go over its all-time high value as well as its recent performance in September.

In terms of the all-time high value of DOGE, it was on May 8 when the token reached a value of $0.731578. At its all-time high, the token was $0.469048 higher in value or by 178%.

When we look at September’s performance, on September 6, the token had its highest point at $0.3172.

Its lowest point was on September 29, when the token reached a value of $0.1964.

Here we can see that the token decreased in value by $0.1208 or by 38%. However, from September 29 to October 25, we can also see that the token increased in value by $0.06613 or by 33%.

At this rate, Dogecoin (DOGE) has the potential to reach $0.35441 by the end of October.

The post Is Dogecoin worth buying after hype surrounding its latest developments? appeared first on Invezz.

Publication date: 
10/25/2021 - 16:33
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.