Lawmakers and their families betting thousands on crypto: Is DOGE the right choice?

on Feb 17, 2022
Updated: Mar 14, 2022
  • Dogecoin recently saw an increase in its value.
  • Eight lawmakers or their families traded cryptocurrency throughout the past year, ranging from $1,000 to $100,
  • Dogecoin was one of their investments, with roughly $32,000 in Dogecoin trading.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

Dogecoin DOGE/USD is a meme-token that was initially developed as a joke to essentially make fun of the serious toke cryptocurrencies had at the time of its creation.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

However, ever since its creation, it has been praised and used by many influential people and has gained one of the strongest communities out there.

All of this has contributed towards making Dogecoin (DOGE) a token that has been regularly traded.

Dogecoin buyouts as a catalyst for growth

Copy link to section

On February 14, we covered how Dogecoin (DOGE) could soon be accepted by Elon Musk’s Starlink.

Seven Republicans ended up buying or selling cryptocurrencies, including Sen. Pan Toomey of Pennsylvania, who is the ranking member of the banking committee. 

Only one Democrat reported a transaction, Rep. Marie Newman of Illinois, according to the analysis. 

In other words, these lawmakers and their families have traded cryptocurrencies throughout the past year within the span of $1,000 to $100,000, according to a CNBC analysis conducted.

Bitcoin BTC/USD was the most popular token, totaling an estimated $229,000, including through an ETF; the second was Ethereum ETH/USD with a total of $40,000.

However, interestingly, Dogecoin was another token being heavily bought, with roughly $32,000 in Dogecoin (DOGE) purchased.

Is Dogecoin (DOGE) the right choice, and how far can it climb in value? Let’s find out.

Should you buy Dogecoin (DOGE)?

Copy link to section

On February 17, 2022, Dogecoin (DOGE) had a value of $0.14716.

In order for us to get a better perspective as to what kind of value point this is for the Dogecoin (DOGE) token, we will be going over its all-time high value alongside its performance throughout January.

The all-time high value of Dogecoin (DOGE) was on May 8, 2021, when the token reached a value of $0.731578. This means that at its ATH, the token was $0.584418 higher in value or by 397%.

When we go over the token’s performance in January, Dogecoin (DOGE) saw its highest point of value on January 14, when it reached a value of $0.1998.

Its lowest point of value, however, was on January 22, when the token saw a decrease in value to $0.1276. Here we can see that from January 14 to January 22, the token saw a decrease in value by $0.0722 or by 36%.

However, from January 22 to February 17, the token saw an increase in value by $0.01956 or by 15%.

With all of this in mind, we can expect the DOGE cryptocurrency token to reach a value of $0.18 by March 2022. To learn more about buy DOGE, please check our full article.

Dogecoin Crypto Trading Ideas