The funniest cryptocurrency continues to gain momentum with a rapidly growing army of followers. Now, this meme project is breaking into the top 10 cryptocurrencies in terms of market cap. Why is Dogecoin going up?
Dogecoin is no longer just a cryptocurrency, but a brand with a number of positive characteristics. This is one of the few projects that doesn’t pursue capitalization growth as a priority goal. This is what Elon Musk highlights in it, and that’s why Dogecoin going up so rapidly.
Why Is Dogecoin Going Up Today: Elon Musk Influence
Why is Dogecoin going up today? Let’s try to find out! Today, Elon Musk is the main inspirer of the growth of many assets, and not only in the crypto industry. Taking into account how many people follow him on social networks, it’s quite easy for him to provoke a rapid growth of the asset.
In March, the Dallas Mavericks became the first NBA club to sell tickets for their games in Dogecoin. Mark Cuban noted that he isn’t going to sell any digital coin.
Dogecoin and similar coins are subject to ‘verbal interventions’ and that’s why Dogecoin is going up. Therefore, the altcoin will grow only if users continue to talk about it. If there are no more mentions of Dogecoin, then its price will collapse since the trading volumes of the digital coin aren’t that large.
Is Dogecoin Value Going Up Soon: Key Factors to Know
Is Dogecoin going up? Dogecoin acceptance as a possible means of payment is essential for the long-term adoption and thus positive development of the rate.
When describing the importance of networks, many refer to Metcalfe’s law. This means that the value of a network is equal to the square of its user base. As a result, adding new members to a network leads to disproportionate growth in value.
That’s why not only direct investments in DOGE play a decisive role. Here we’re talking about all companies and developers who are actively working on improving the infrastructure. And with the help of such companies, Dogecoin is going up in price.
These include exchanges that are supposed to facilitate access to Dogecoin, wallet providers who make secure storage possible, as well as software development companies that improve the DOGE protocol.
In addition, this also includes payment service providers who want to establish Dogecoin as a common means of payment in the future.
When Is Dogecoin Going Up: Final Conclusions
Why is the price of dogecoin going up? It’s necessary to note that Dogecoin price increases exclusively thanks to the large community and the hype surrounding the meme cryptocurrency.
People love memes, especially with funny animals. Thus, social networks are used again and again to promote DOGE. Quite recently, there has been a lot of hype from WallStreetBets and Elon Musk.
There were calls to buy Dogecoin on various social media. Although this call didn’t come from WallStreetBets, it still attracted a lot of attention and rising prices. And that’s why Dogecoin going up today in price.
This decentralized platform became really successful thanks to Elon Musk, who tweeted several times about Dogecoin and described the cryptocurrency as a real digital currency. As a result, millions of people ‘stormed’ stock exchanges to buy DOGE.
What do you guys think about why Dogecoin is going up today? Feel free to share your ideas in the comments!