Another day, another pupcoin boost courtesy of Elon Musk. This morning, things are going back to the basics, with Dogecoin (CCC:DOGE-USD) bearing the benefit of Musk’s social media activity, rather than the slew of DOGE offspring who have been reaping the rewards recently. Could Musk help propel Dogecoin out of its deeply entrenched value? Investors are seeking out answers in the form of Dogecoin price predictions.
It’s been a busy and controversial week for Tesla (NASDAQ:TSLA) executive Elon Musk on Twitter. With Democrats in control of the government, there is a great emphasis on corporate and billionaire income taxes. These policymakers want to use increased tax revenues to fund infrastructure overhauls, and Musk is falling in their line of fire. Musk’s fortune is closing in on $300 billion, meaning he is one of the richest people to ever live. On top of that, Tesla recently breached $1 trillion in market capitalization.
The increasing scrutiny being placed on Musk is vastly magnifying interest in his tweets. Over the last few days, Musk has openly challenged these tax proposals, claiming that he’d sell 10% of his TSLA holdings if his Twitter poll got a majority “yes” vote; as of the poll’s close, the majority did in fact call for this sale. While many are taking note of Musk as he dukes it out with policymakers via the very public platform, crypto bulls are interested in his account for an entirely different reason. Elon Musk has changed his Twitter name to “Lorde Edge.”
While it might seem at first glance that Elon Musk is trying to swoon yet another indie pop darling, crypto bulls think Musk’s new Twitter name is rather a subliminal message for DOGE holders. Network creator Billy Markus points out that “Lorde Edge” is an anagram 0f “Elder Doge.”
Dogecoin Price Predictions Heat Up With Musk’s New Twitter Name
“Lorde Edge” is currently trending on the platform, with thousands of tweets coming from users wondering what exactly the name change means or whether there is a deeper meaning. Markus’ suggestion is one that is merely playful; whether or not Musk’s deeper intentions with the name were Doge-related or not is up for debate.
Given his longstanding connection to the Dogecoin network, though, and his inadvertent pumping of other pupcoins, it’s still reason enough for bulls to get excited. Markus’ cheeky tweet about Musk’s new name is preceding a 5% gain in the price of DOGE. Trading volume in DOGE is also nearly quadrupling; $3.7 billion in the coin is exchanging today, a 290% increase on the network’s average.
Could Musk help to propel Dogecoin out of its current rut between 25 and 30 cents? Let’s take a look at some Dogecoin price predictions and see what analysts are thinking:
- CoinPriceForecast expects DOGE to eclipse its current rut and finish out 2021 at 37 cents per coin.
- DigitalCoin targets an end-of-year price of 41 cents for Musk’s favorite altcoin.
- The Economy Forecast Agency is less optimistic; it expects DOGE to finish out the year at 25 cents. By November of 2022, though, it targets a price of 40 cents for the crypto.
- WalletInvestor’s 12-month prediction forecasts a 51-cent value for DOGE by next November.
- A less bullish Gov Capital expects Dogecoin to be worth 35 cents in a year’s time.
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.