Amidst the explosive surge of crypto in the market, the meme-currency Dogecoin recently managed to achieve unforeseen growth. On 16 April 2021, Dogecoin reached the price of 43.77 cents before it gave back some gains on the weekend.
The most obvious reason behind Dogecoin’s market surge can be credited to Elon Musk (CEO of SpaceX and Tesla). Musk has supported the currency for a long time, and he was a contributing factor to Bitcoin’s roof-shattering rise as well. With a growth of almost 400%, Musk has proved yet again why he is admired by many.
The crypto is now available at 1800 ATMs in 46 US states. Even the Mavs sales in the crypto reached over 550pct in the previous month. It accounted for a total of 122K Doge through merchandise.
What is the Expert Take on Dogecoin’s Future?
The expert take on Dogecoin is what you would expect. Charles Hoskinson (CEO and Co-Founder of IOHK) stated that Dogecoin has always been a sort of inside joke in the industry. A light-hearted, fun thing, which is around but not meant to be taken seriously.
While the crypto has managed to have an audience, largely because of Elon Musk’s tweets, it is a bubble at the end of the day. Its price isn’t sustainable and will collapse, resulting in huge retail losses.
He went on to state that when the bubble bursts, it’ll allow lawmakers to get involved in the industry and cause some damage.
Dogecoin as a Payment Option: Will Its Price Rise?
The sudden price hike in Dogecoin resulted in its mass adoption throughout the industry. Several platforms and businesses announced using Dogecoin as a payment method.
A Canadian web-hosting provider, easyDN, stated that it has started accepting Dogecoin as a payment option. Keeping up with the trend, many other companies followed suit:
- BOTS Inc.(a robotics organization)
- Dallas Mavericks (professional basketball team)
- airBaltic (Latvian airline)
- Kessler (renowned hotel chain)
Even Amazon is being bombarded with users to start accepting Dogecoin as a payment option. Given the mass adoption of the crypto, its price might rise even more and the dogecoin price prediction 2025 is also affected by this recent price hike.
Will Dogecoin Maintain its Market Surge?
Dogecoin’s skyrocketing price has led to worries of a potential bubble in the cryptocurrency market. Some investors already view bitcoin as a speculative bubble — the world’s most popular digital coin has more than doubled since the start of 2021. But according to experts like David Kimberley, an analyst at Freetrade, People are buying the cryptocurrency not because they think it has any meaningful value but because they want to make a quick buck. And when everyone is doing this, the bubble will burst, leaving some people short-changed if they don’t get out in time.
Dogecoin grew almost 400% in a week, but maintaining the growth rate is tough. However, only time will tell how the crypto will fare in the long run.