How high will dogecoin go? Experts pinpoint future for digital coin performance
Dogecoin is an open-source peer-to-peer cryptocurrency that was featured in a meme shared by Elon Musk. The cryptocurrency has hit record highs in recent days after the meme was shared. Online communities are driving up the price of the digital coin according to experts, having spiked 91 percent according to price trackers after the SpaceX CEO tweeted about dogecoin. The current price indicates a 20,000 percent increase from this time last year.
But how high will dogecoin go? Express.co.uk speaks to an expert about future projections for the meme-inspired cryptocurrency.
Michael Kamerman, CEO of broker Skilling, said the “parody currency” often appeals to investors due to its status and popularity on social media and with celebrities.
He told Express.co.uk: “The resurgence in attention to Dogecoin, which was originally launched as a parody currency, may seem attractive to investors due to its volatility but for the currency to ever have intrinsic value, scalability and security issues need to be addressed.
“It’s moved by headlines, tweets, celebrity, or corporate endorsements and while that’s likely belittled by “traditional” investors, it’s what brings the masses to cryptocurrencies.
“The masses understand headlines, tweets, and endorsements and the masses will likely mature as crypto enthusiasts and begin to appreciate the movement for its more technical nuances.
