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Dogecoin DOGE/USD is by far one of the most popular and influential cryptocurrencies that started off its existence as a âmeme token.â
Over time, cryptocurrency enthusiasts saw its value and now use it for everyday transfers of value, such as online shopping or for tipping content creators through a variety of different platforms.Â
Elon Muskâs influence over DOGE as its catalyst for growth
On January 18, we covered how Dogecoinâs developer, Billy Markus, took a jab at Web3 again.
The CEO of Tesla and SpaceX, Elon Musk, shared a tweet on January 20, 2022, where he showcased a âmemeâ inspired by the movie Interstellar, which is Christopher Nolanâs epic science fiction movie.
This meme is a reference to the instances where we saw extreme gravitational time dilation depicted in the movie.Â
This time dilation concept, which is central to the plot of the movie, became a source of jokes within the crypto community due to the fact that cryptocurrencies can be quite volatile.
Specifically, throughout 2021, Dogecoin gained 19,090% within the span of three months.
This, in turn, sparked interest surrounding the DOGE token, which led to it increasing in value.
Should you buy Dogecoin (DOGE)?
On January 20, Dogecoin (DOGE) had a value of $0.16445.
To get a better perspective as to what kind of value point this is for the DOGE token, we will be going over itâs all-time high value alongside the performance the token showcased throughout the previous month of December.
The all-time high value of the DOGE token occurred on May 8, 2021, when the token reached a value of $0.731578.
When we go over the performance of the token throughout the previous month, we can see that on December 2, the token had its highest value at $0.2224.
Its lowest value, however, was on December 13, when the token had a value of $0.1553. This marks a decrease in value of $0.0671 or by 30%.
However, from December 13 to January 20, the token saw an increase in value of 145% or by $0.09735.
With that in mind, we can expect DOGE to reach $0.20 by the end of January 2022, making it a solid token to buy.
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Disclaimer
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.