Every week, Benzinga conducts a survey to collect sentiment on what traders are most excited about, interested in or thinking about as they manage and build their personal portfolios.
This week we posed the following question to Benzinga visitors: Over the next year, will Dogecoin reach $1?
For the uninitiated, Dogecoin (CRYPTO: DOGE) was introduced as a joke in 2013 to help raise public awareness of the capabilities of blockchain technology.
The cryptocurrency’s mascot, the Shiba Inu, is based on the “doge” internet meme.
Though Dogecoin was originally intended as a joke, it’s gaining momentum in 2021 thanks to its passionate online community.
A brief history of the cryptocurrency reveals Dogecoin has been involved in a number of highly public news stories, including its successful $50,000 fundraiser to send the Jamaican Bobsled Team to the 2014 Winter Olympics after the athletes qualified but did not have the financial backing to attend.
Here are the full results from this week’s survey:
Yes, Dogecoin will reach $1 by 2022: 80.2%
No, Dogecoin will not reach $1 by 2022: 19.8%
As our team has covered throughout 2021, some of the major swings in the cryptocurrency have been fueled by Tesla Inc (NASDAQ:TSLA) CEO Elon Musk, who has posted about Dogecoin and shared memes of the cryptocurrency with the Shibu Inu dog.
This sentiment study was conducted as Dogecoin hit an all-time high of $0.45 Friday amid a frenzied week of trading which saw the meme cryptocurrency run higher by 650%.
As of publication time, Dogecoin is trading around $0.25.
Historical Returns On Cryptocurrencies: It’s no secret cryptocurrencies have left the stock market in the dust in the past five years.
Despite their extreme volatility and a boom and bust cycle in 2017 and 2018, cryptocurrency investors that bought five years ago and held on for the long-term have generated tremendous overall gains… Read More
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