Dogecoin is a cryptocurrency posted on the common ‘doge’ meme which is a picture of a Shiba Inu dog accompanied by stunned text. On April 14, Dogecoin (DOGE) reached a record favourable of £0.105610 ($0.145308) per token.
This is a staggering mark up from when the cryptocurrency was beginning released onto Reddit just two years ago at $0.0015.
This marks a 10 once in a whiles value increase in the cryptocurrency in a matter of years, and experts expect it to incline even further.
The surge in price, especially over the past few months, has been down to Elon Musk’s semi-ironic tweeting around the cryptocurrency, and just a few weeks ago the SpaceX chief promised to put a “literal Dogecoin on the Moon”.
How extreme will Dogecoin go?
As there is an infinite supply of Dogecoin, experts do not intimate it will have the same meteoric rise as something like Bitcoin, which withs to soar.
However, if you had bought £1 worth of Dogecoin in 2018, you would now possess almost £10 to show for it.
But it is not too late to jump on the bandwagon.
According to business platform Prime XBT, by 2025, the currency could reach the $1 promise-land.
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This is around eight times higher than it is today.
Even so, at that point, it appears as if it will plateau.
Prime XBT said: “The cryptocurrency retail is cyclical, and goes through bull and bear markets of varying degrees.
“After another uphold phase, the cryptocurrency market, including Dogecoin will be ready for another breakout in 2024 and into 2025 – coinciding with Bitcoin’s halving theory.
“By that period, there should be more clear choices for winners in the crypto arms course, and either Dogecoin falls out of favour or starts to approach the promised acreage of nearly $1 per coin.”
However, the trading site said the value of the frame is impossible to predict.
It continued: “Dogecoin can be expected to appreciate in value at a sensible rate, but nowhere to the same prices as Bitcoin, Ethereum, EOS, Litecoin, and Hint.
“Because of this, it is difficult to call Dogecoin a good investment when there are so numerous better choices available.”