According to Elon Musk, it is time for crypto bulls to find some space suits. Why? Musk said that his SpaceX would be taking Dogecoin (CCC:DOGE) to the “literal” moon. What does this mean for Dogecoin price predictions?
Let us start with a quick recap. Dogecoin, the beloved cryptocurrency of meme investors and celebrities, has long been a favorite of Musk. The Technoking of Tesla (NASDAQ:TSLA) has regularly tweeted about the crypto and said he has even purchased it for his baby son, Lil X. Today, he is back with DOGE enthusiasm, tweeting that his SpaceX would put a “literal” Dogecoin on the “literal” moon. Although it is April Fool’s Day, investors seem to be giving him the benefit of the doubt. DOGE is up more than 20% over the last 24 hours.
Musk is not alone with that sentiment today.
Other crypto fan accounts, meme traders and even the Slim Jim account are sharing support for Dogecoin, using hashtags like #DogeDay and #DogeCoinRise.
SpaceX is going to put a literal Dogecoin on the literal moon
— Elon Musk (@elonmusk) April 1, 2021
So what does this mean for investors? One important catalyst for Dogecoin continues to be the steadfast support it receives from celebrities like Musk. Because the crypto has such a meme status and is smaller compared to Bitcoin (CCC:BTC) and Ethereum (CCC:ETH), some hope that the increased visibility will lead to long-term gains. From there, if DOGE can climb (and stay about $1 as so many retail investors hope), then more institutional support could come. Mark Cuban has already announced that the Mavericks will accept DOGE as payment for tickets and merchandise.
In other words, keep a close eye on Dogecoin. With a few new launches from SpaceX coming up, there is no telling just what Musk will do.
Dogecoin Price Predictions: To the Moon?
With all this in mind, how should you consider DOGE? And are bullish Dogecoin price predictions worth considering? Right now, many experts insist that Dogecoin is a meme, and that investors should approach it as such. However, we have also seen just how powerful memes can be when retail investors jump on board.
There are also some technological changes taking hold over at Dogecoin. According to lead maintainer Ross Nicoll, there is real interest in taking care of the code and making sure that the crypto is operational. With this in mind, the DOGE code got an update at the end of February 2021. As a result, Dogecoin now has improved synchronization speed and a lower default mempool expiry time.
Whether Musk is conducting a prank or making a promise, it is worth keeping DOGE on your radar here.
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.