Dogecoin (CCC:DOGE) is pawing its way back from yesterday’s cryptocurrency slump with the help of Elon Musk. Another series of bullish tweets has investors hoping DOGE really could hit the moon. So what are the latest Dogecoin price predictions?
Investors should start with a quick recap. Dogecoin, a smaller cryptocurrency supported by Shiba Inu memes, retail investors and celebrities, has rocketed higher. Although it has dropped off in the aftermath of the GameStop (NYSE:GME) rally and a broader pullback, Musk is looking to spark a moonshot move today. Remember, Musk and fellow celebrities Gene Simmons, Snoop Dogg and Kevin Jonas have all publicly shared their support. Memes from Musk, while still enforcing the humorous nature of DOGE, also help to bring it into the mainstream.
So what happened today?
Musk once again took to Twitter (NYSE:TWTR) to share his support. He updated his bio to read “Doge all day, Doge all night.” He also posted the message “Literally” along with an image of the iconic Shiba Inu and a Dogecoin flag on the move. Following that up, he tweeted “On the actual moon” and told followers he likes DOGE because “I love dogs & memes.”
It worked. Following his social media posts, DOGE picked back up. As of this writing, Dogecoin prices are up more than 20% over the last 24 hours. Right now tokens are trading for 5.7 cents, relative to a 24-hour high above 6 cents.
Dogecoin Price Predictions: What Comes Next?
— Elon Musk (@elonmusk) February 24, 2021
So what should investors make of all this? And what are the next Dogecoin price predictions?
Investors should remember that DOGE prices have moved with great volatility. Earlier in the GameStop rally, Redditors were hoping to take DOGE from 1 cent to $1. As it rallied, and that $1 price target started to feel more relevant, the Reddit stocks frenzy lost fuel. Still, where things stand now, Dogecoin investors have made a pretty profit from the beginning.
In other words, Musk and his band of followers show that, although it has a long way to go, Dogecoin is still relevant. If it can keep generating mainstream attention, keep DOGE on your radar.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.