Dogecoin tipped to break $1 in days as crypto makes comeback with ‘new all-time high’

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The cryptocurrency market has enjoyed a surge in the past few days with all 10 of the world’s most highly valued tokens rising. The cause of the bounce-back remains unclear but it has added $150billion (£106billion) to the total market cap of all cryptocurrencies combined. Dogecoin, which is backed by Elon Musk, is currently valued at $0.32 (£0.23), having fallen as low as $0.28 (£0.20) last month.

But crypto analyst AJ Clores believes it is about to rocket, sharing a post on his YouTube channel ‘Self Made’ as evidence.

Reading it out, he said: “Firstly, if Tesla actually accepts Dogecoin as a form of payment which is slowly looking more and more like it will happen, it will see a huge increase.

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“Bitcoin when accepted by Tesla saw an increase of 70 percent. If we took the price of Dogecoin now at $0.35 (£0.25) it would see an increase to $0.60 (£0.42).

“Secondly with the Coinbase listing coming up very soon, it seems that Dogecoin really pushes to an all-time high just before a specific news drops.

“During the anticipation for Elon Musk being on Saturday Night Live, we saw the price of Dogecoin go from $0.30 (£0.21) all the way to $0.75 (£0.53) which is a 155 percent increase.

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“If we take a 155 percent increase to the price of $0.60 (£0.423 we could see it at $1.60 (£1.13) easily.

“Lastly, if you have ever heard of the ‘Coinbase effect’ it is basically when a crypto is listed on Coinbase it results in a drastic increase in sales and pushes to new all-time highs.”

Coinbase announced today that it has officially listed Dogecoin on Coinbase Pro, a major development that exposes the “joke” cryptocurrency to one of the world’s largest Bitcoin and crypto exchanges.

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Coinbase said in a blog post that it will “immediately” begin accepting inbound transfers of Dogecoin to Coinbase Pro in regions where trading is supported.

READ MORE: Bitcoin plunge sparks backlash at Elon Musk: ‘It benefits society’

“You can’t say nothing is possible. Anything is possible.”

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Britain’s Financial Conduct Authority (FCA) has previously warned investors of the risks that come with investing in cryptocurrency.

They said: “If consumers invest, they should be prepared to lose all their money.

“Some investments advertising high returns from crypto assets may not be subject to regulation beyond anti-money laundering.

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“Significant price volatility, combined with the difficulties valuing [Bitcoin] reliably, place consumers at a high risk of losses.”

Express.co.uk does not give financial advice. The journalists who worked on this article do not own cryptocurrency.

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