The popular cryptocurrency Dogecoin is going up in value again, with an increase of over 4.5% in the past 24 hours. Initially, it started as something of a joke. Nonetheless, as its value creeps towards the $1 mark, people are getting excited. Read on to see whether now is a good time to invest in Dogecoin, as it may approach the $1 mark.
Is Dogecoin going to $1 and is it a good investment?
Currently, Dogecoin’s value sits at just over $0.25 – meaning the famed $1 mark is still quite a way off. It’s been hovering between $0.25 and $0.26 for the past 24 hours and doesn’t look set to change quite yet.
The highest value it’s ever hit was around $0.72, in early May 2021. If it didn’t hit the dollar mark at that point – where people like Elon Musk were hugely promoting it – then it seems unlikely to reach $1 in the immediate future.
However, it’s worth bearing in mind that Dogecoin has one of the largest fan backings of all cryptocurrencies. Earlier this month, it trended on Twitter when it hit the $0.43 mark, so clearly the support is there. Tesla CEO Elon Musk constantly tweets his support for Dogecoin. Therefore, it’s inevitable that sooner or later, his widespread fanbase will help Dogecoin boost again. Another increase in value is bound to happen, but the dollar mark still seems quite a way off.
That said, now doesn’t seem like the time to invest in Dogecoin. Well, if you’re expecting it to hit the $1 mark, at least. Its incredible surge in popularity since Musk stated his support means it’s certainly one of the most established cryptocurrencies on the market. But, that doesn’t mean the $1 accolade is guaranteed.