Oct 27, 2022 at 04:28The value of the Dogecoin (DOGE) memecoin, which is constantly mentioned by the wealthiest man on the planet Elon Musk (he insists he is not promoting it), continues to rise for the second day in a row. As of October 27, the price of DOGE jumped 15% to a new monthly high of $0.08 (data provided by Coingecko). Dogecoin, the 10th-largest cryptocurrency with a market capitalization of $10 billion, is now only $1.2 billion away from surpassing the so-called “Ethereum killer” Solana (SOL).
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
On October 26, the Head of Tesla and SpaceX came to Twitter’s headquarters carrying a sink.
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Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
Not only Dogecoin has jumped in price, but also Twitter stock (+9.68% or $53.35 half a year, +1.08% or +0.57 today). The reason lies in the company itself and the billionaire’s personality.
Although the Tesla and SpaceX head swears he has no connection with the coin named after the Shiba Inu, many people strongly associate DOGE with his personality. That’s why the market reacts instantly to each Elon’s move or tweet.
Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS
— Elon Musk (@elonmusk) October 27, 2022
This was seen as the completion of the deal to acquire the social network for $44 billion (though the official closing of the deal should take place on October 28). And even though many of the company’s employees may be laid off, Twitter’s shares began to rise instead of fall.
Elon Musk told Twitter $TWTR employees that he doesn’t plan to fire 75% of Twitter’s workforce, only 69% according to Bloomberg
— Sir Doge of the Coin ⚔️ (@dogeofficialceo) October 27, 2022
Another reason lies in the investment support for Musk’s long-awaited acquisition by the cryptocurrency exchange Binance, Oracle, the venture company Sequoia and Saudi prince Al Waleed bin Talal Al Saud. The billionaire’s own statements about the launch of a revolutionary “app X” also had an impact.
I will keep supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
Dogecoin (DOGE) price prediction for the end of 2022 and beginning of 2023
The coin first broke the $0.01 mark in January 2021, years after its introduction.
Changelly predicts that the maximum price of Dogecoin will be around $0.10–0.11 by 2023. According to optimistic forecasts, the value of DOGE could soar to $0.076 at the end of next year.
However, Finder.com experts are more modest in their predictions. They believe the price of Dogecoin will be only $0.19 by 2025.
What is Dogecoin (DOGE)?
The cryptocurrency Dogecoin (DOGE) was born from the popular internet meme “doge,” whose main character was a Shiba Inu dog. The open-source digital currency was created by Billy Marcus of the United States and Jackson Palmer of Iceland as a fork of Litecoin in December 2013. Dogecoin’s creators saw it as a fun and stress-free cryptocurrency that would be more appealing not just to Bitcoin enthusiasts.
Dogecoin can be mined on any processor or video card, Windows, Mac, or Linux along with Litecoin.
You also might be interested in Elon Musk’s crypto portfolio and the three cryptocurrencies he has invested in.
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