Dogecoin (DOGE-USD) is trending today on Twitter and is up 3% in early trading. The cryptocurrency is on many investors’ radar after Elon Musk’s Boring Company disclosed that it would accept Dogecoin as a payment for its Loop transportation system in Las Vegas. And we have some Dogecoin price predictions and see how this news is being received by pupcoin investors and analysts.
On Friday, Boring “opened [its first] transit station” for the Loop in the gambling hotspot. The stop is located at the Las Vegas Convention Center. The Vegas Loop system is expected to eventually have over 50 stops on the Las Vegas Strip. It does not currently charge for any of its rides.
Support From Musk
Moreover, Musk wrote on Twitter that he would back Dogecoin “wherever possible.” In the past, Musk’s positive statements about Dogecoin have sparked huge rallies by the crypto. But with cryptocurrencies, including Dogecoin, in the midst of a crash, neither Musk’s upbeat statement about Doge crypto or the Boring Company’s announcement seem to be moving the needle much for the canine crypto.
Tesla (NASDAQ:TSLA) is already accepting Dogecoins as payments for certain merchandise. And Musk’s satellite-and-space exploration company, SpaceX, is expected to join the party soon.
Launched in 2013, Doge crypto started out as a “joke” on Bitcoin (BTC-USD). But Musk has taken the crypto at least partially seriously. Let’s take a look at some Dogecoin price predictions.
Dogecoin Price Predictions
GovCapital expects Dogecoin to surge over 160% to 18.26 cents in one year.
Meanwhile, WalletInvestor has a one-year price target 46.7 cents.
Finally, DigitalCoinPrice expects the crypto to have an average price of 9.2 cents this year and an average price of 9.9 cents in 2023.
Dogecoin has sunk 11% in the last month, 51% in the last three months, 59% in 2022, and 66% in the last 12 months.
On the date of publication, Larry Ramer did not hold (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.