Investors have learned that Elon Musk really can move markets. The founder of SpaceX and Tesla (NASDAQ:TSLA) has shown that even mentioning a popular cryptocurrency is often enough to send it shooting up. His tweets have inspired Shiba Inu (CCC:SHIB-USD) and Floki Inu (CCC:FLOKI-USD), sparking major rallies. But most importantly, the Dogefather has backed Dogecoin (CCC:DOGE-USD). Today has brought a truly strange turn of events though, posing complications for Dogecoin price predictions.
This week began with the announcement that TIME Magazine had named Musk its 2021 Person of the Year. That hasn’t even been the headline that turned the most heads on Wall Street this morning, though. The magazine tweeted a video of Musk discussing crypto as part of the announcement, in which he offered up an endorsement of one crypto. He touted the utility of Dogecoin over Bitcoin (CCC:BTC-USD).
“Even though it was created as a silly joke, dogecoin is better suited for transactions,” he stated.
Many Dogecoin fans responded to the video positively, emphasizing that it meant that the meme coin was here to stay. Since this morning, though, its prices have not moved, remaining stubbornly at 16 cents. What does this mean for Dogecoin price predictions? Let’s see what some experts have to say.
Dogecoin Price Predictions:
- Crowd Wisdom is quite bearish on Dogecoin. Its current recommendation is a “sell” rating due to the fact that it sees momentum metrics as being negative. Investors should note that this includes social media mentions.
- WalletInvestor is considerably more bullish in its price predictions, calling DOGE an “awesome” one-year investment. Based on its price prediction model, Dogecoin will hit 39 cents in one year and $1.28 in five years.
- DigitalCoinPrice also predicts that DOGE will increase to just over 23 cents by the end of 2021 and hit 33 cents before 2023. Its four-year Dogecoin price predictions have the crypto rising as high as 46 cents and up to 55 cents in the following year.
- Gov.Capital predicts that Dogecoin prices will hit 25 cents within one year and 83 cents within five years. The platform notes that if prices continue to rise at the predicted rate, a $100 investment in Dogecoin could be worth as much as $150.14 by Dec. 13, 2022.
On the date of publication, Samuel O’Brient 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.