Dogecoin spiked in value after Elon Musk tweet, should you buy DOGE?

By: Milko Trajcevski
Milko Trajcevski
Milko leverages his passion for cryptocurrencies and teaches investors something new each day. During his spare time, he loves… read more.
on Jan 20, 2022
  • DOGE has spiked in value after the most recent Tweet by Tesla’s CEO Elon Musk.
  • DOGE has the potential to increase its value even further.
  • Social media influence has played a key role in the growth of DOGE historically as well.

Dogecoin DOGE/USD is by far one of the most popular and influential cryptocurrencies that started off its existence as a “meme token.”

Over time, cryptocurrency enthusiasts saw its value and now use it for everyday transfers of value, such as online shopping or for tipping content creators through a variety of different platforms. 

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Elon Musk’s influence over DOGE as its catalyst for growth

On January 18, we covered how Dogecoin’s developer, Billy Markus, took a jab at Web3 again.

The CEO of Tesla and SpaceX, Elon Musk, shared a tweet on January 20, 2022, where he showcased a “meme” inspired by the movie Interstellar, which is Christopher Nolan’s epic science fiction movie.

This meme is a reference to the instances where we saw extreme gravitational time dilation depicted in the movie. 

This time dilation concept, which is central to the plot of the movie, became a source of jokes within the crypto community due to the fact that cryptocurrencies can be quite volatile.

Specifically, throughout 2021, Dogecoin gained 19,090% within the span of three months.

This, in turn, sparked interest surrounding the DOGE token, which led to it increasing in value.

Should you buy Dogecoin (DOGE)?

On January 20, Dogecoin (DOGE) had a value of $0.16445.

To get a better perspective as to what kind of value point this is for the DOGE token, we will be going over it’s all-time high value alongside the performance the token showcased throughout the previous month of December.

The all-time high value of the DOGE token occurred on May 8, 2021, when the token reached a value of $0.731578.

When we go over the performance of the token throughout the previous month, we can see that on December 2, the token had its highest value at $0.2224.

Its lowest value, however, was on December 13, when the token had a value of $0.1553. This marks a decrease in value of $0.0671 or by 30%.

However, from December 13 to January 20, the token saw an increase in value of 145% or by $0.09735.

With that in mind, we can expect DOGE to reach $0.20 by the end of January 2022, making it a solid token to buy.

Where to buy right now

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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.