A new series of tweets at the hands of Elon Musk are reinvigorating Dogecoin (CCC:DOGE-USD) investors this morning. The billionaire behind SpaceX and Tesla (NASDAQ:TSLA) is putting his brainpower into improving the functionality of the meme coin alongside DOGE developers. Dogecoin price predictions are beginning to look at DOGE as less of a get-rich-quick option and more as a stablecoin.
Yesterday afternoon, Musk took to social media to solicit ideas for his adopted child Dogecoin. Musk has been long interested in the digital currency of Billy Markus and Jackson Palmer. His interest has grown ten-fold in the first months of 2021.
This is not the first time Musk has discussed working with the developers of Doge. He announced the collaborative effort just weeks ago. But, he has been working with the development team for over two years now away from the public eye.
The opportunity for investors to suggest an idea for the meme coin to Musk is too much to pass up on. The posting is probably garnering as many joke suggestions as it is serious ones. A suggestion Musk is tweeting about: “changing Dogecoin fees based on phases of the moon.” He obviously is taking the wilder suggestions in stride, adding that the idea “is pretty awesome.”
— Elon Musk (@elonmusk) May 24, 2021
Doge has dogs & memes, whereas the others do not
— Elon Musk (@elonmusk) May 25, 2021
Dogecoin Price Predictions Point to Stablecoin Possibilities
While investors are unsure of Musk’s real intention behind revolutionizing Dogecoin, we know that he is signaling a $1 price point for the coin. Others are on-board with the $1 value as well; Mark Cuban is predicting that DOGE will find itself to be a $1 stablecoin in the coming months.
Online analysts seem to be falling in line with this theory. DigitalCoinPrice predicts a 51-cent valuation by the end of the year. They don’t predict DOGE to fly beyond the $1 mark for years down the line. Likewise, the Economy Forecast Agency, as well as WalletInvestor, are plotting out steady growth toward $1, before treading water there for years. Coin Price Forecast is one of the bulls who says otherwise, valuing the coin at $2.06 by the end of the year.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.