It’s no surprise that Dogecoin’s former CEO Elon Musk is talking about the internet craze over cryptocurrency. Specifically, Dogecoin surged over 200% and is currently over 400% at 4 cents during the time of 7:42pm cst. Update: DOGECOIN is now reaching 7 cents as of Sunday the 6th.
While the initial rally was set off by Redditors, the movement took a life of its own as it crashed Robinhood and other trading platforms.
Now, many social media apps are flooding with the hype of Dogecoin. There are famous rappers investing into Dogecoin, Analysts, and even the CEO of Support Hip Hop is riding along the wave.
What we must understand now is that this is simply the beginning. As targets are projected to $1 for the cryptocurrency. If we took anything from the past to guide us into the future, it would have to include the events of GME, AMC, & BB.
Analysts from New York and college graduates from all over the country are predicting the price of Dogecoin to reach $1 by the end of summer. After reading these studies, some are actually targeting $3-$4 by the end of the year.
In the text, reasons for the price target include popularity among celebrities, acceleration based on new market conditions, and based on the amounts that are currently being traded.
Celebrities are quick to join the Dogecoin train including Snoop Dogg, Soulja Boy, Kanye & more. Even Justin Bieber is following the official Dogecoin Twitter account. It’s no surprise that this meme stock coin is now becoming larger than life.
The other reason why many analysts are predicting this coin to reach $1 by the end of summer is because it’s recent acceleration during the halts of common stock. While stocks like GameStop, AMC, Nokia were halted and dropping, Dogecoin was soaring.
It is now clear that whenever market volatility goes up, cryptocurrency trading also increases. It’s like many are losing trust in the system, in which they invest their money into a universal currency.
Personally, I would not be surprised if your local stores will soon have cryptocurrency kiosks that include Dogecoin. This surprise is here to stay because many hedge funds and Kramer are predicting this new market conditions permanent.
The fact that social media is now having an influence on trading stocks, it would be more risky to invest in large companies as the market can turn easily against these once known powerhouses.
“Power to the people” is a phrase that many of these new millennial traders are using. Giving the sense that hedge funds will now have a harder time manipulating the market.
In case you didn’t know, Robinhood and other trading platforms completely halted trading for GME, AMC & more. GME went from $15 to $300 in a matter of days. The impact of Reddit & followers mind boggled the hedge funds.
It is true that Dogecoin has over billions of assets which may be discouraging for others to join in. But this is not a great concern to these crypto traders.
Elon again tweets about Dogecoin and even released a poll in which all traders were hyped on. Check the picture below
It’s interesting to see the endless tweets and messages there are about Dogecoin right now. What was once a meme is now becoming a household name overnight.
Apps like Stocktwits are experiencing major overload issues with the message boards. You can see the it below!
So it makes sense why Dogecoin can easily reach $1. We simply underestimated the power of the people. Onward we go! How many shares did you buy?