Another day, another celebrity-powered rally in Dogecoin (CCC:DOGE). With everyone from famous musicians to noted crypto enthusiast Elon Musk backing the digital currency, DOGE set a new all-time high over the weekend. Now, where do things stand? And what will it take for Dogecoin price predictions of $1 to manifest?
Here is a quick recap. Dogecoin launched as a way to make cryptocurrencies more entertaining and more accessible. Redditors, amid the GameStop (NYSE:GME) boom, set their sights on DOGE. Essentially, social media enthusiasm fueled a record rally, with posters calling for Dogecoin to cross $1. Tesla (NASDAQ:TSLA) CEO Elon Musk hopped on board, even sharing a series of bullish memes.
But where did the latest rally in DOGE come from?
Well, it looks like Musk is back at the meme-making game again. Over the weekend, he tweeted a “D is for Dogecoin” instructional video. He also shared messages like “Who let the Doge out” and “The future currency of Earth” in reference to DOGE.
However, this time Musk was not alone in stoking Dogecoin price predictions of $1. In fact, a few other celebrities seem to be on board the DOGE train. Rapper Snoop Dogg tweeted a Dogecoin meme of his own at Musk, prompting some collaboration. Kiss rockstar Gene Simmons and popstar Kevin Jonas also shared their support on social media.
The end result? Dogecoin hit an all-time high at $0.087159. Over the last 24 hours, DOGE remains up more than 25%, trading at roughly 7.7 cents.
Dogecoin Price Predictions: The Road to $1
So … it’s finally come to this … pic.twitter.com/Gf0Rg2QOaF
— Elon Musk (@elonmusk) February 7, 2021
So where do things stand? And what does this odd quartet of celebrities mean for Dogecoin price predictions? It appears that everything comes back to visibility and legitimacy.
As we have written in recent weeks, Dogecoin and its iconic Shiba Inu inspiration are memes to Wall Street. Retail investors, and apparently a handful of celebrities, want to change that. As DOGE continues to gain in price, some analysts hope it will also gain in legitimacy. As it does, some of the institutional support that is boosting Bitcoin (CCC:BTC) and Ethereum (CCC:ETH) could lift the smaller cryptocurrency. And as that happens, Dogecoin price predictions of $1 become even more relevant.
For right now, enjoy the social media chatter. Keep Dogecoin on your radar, especially while the Musk meme train keeps chugging along.
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.