Is DOGE a good buy after Elon Musk’s investment in it?

By:
on Jun 20, 2022
  • Elon Musk bought Dogecoin despite the bearish market.
  • Musk also reaffirmed his support for the Dogecoin cryptocurrency amid a $258 billion lawsuit.
  • Dogecoin’s value has increased by 6% in the last 24 hours

Dogecoin DOGE/USD is a cryptocurrency that initially began its journey throughout the crypto space as a meme-coin.

What this means is that when it launched, it did not introduce smart contracts, non-fungible tokens (NFTs), or any other notable advancement when compared to other projects.

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However, one of the main reasons why Dogecoin was launched was to lighten the at-the-time serious tone the crypto sphere had.

Since then, a lot has changed, and we even recently covered how Dogecoin launched their testnet known as Dogechain.

There is another reason why DOGE might blow up in value, and this has to do with Elon Musk’s latest investment in Dogecoin (DOGE).

Elon Musk’s support as a catalyst for growth

Elon Musk has been for a very long time a vocal supporter of the cryptocurrency and is carrying on with his support even despite a class-action lawsuit that was filed against him at a federal court in Manhattan, USA, on June 16.

Musk said over the weekend that he “Will keep supporting Dogecoin” and that he continues to buy the coin even despite the downturn of the market. 

This tweet occurred on June 19, 2022, after which another user asked Elon Musk to “Keep buying it then,” referring to Dogecoin, where Elon Musk said, “I am.” 

It is clear that a lot of users believe that the price of DOGE will increase again in the future, and the price did indeed go up as a reaction to Elon Musk’s comments.

This has raised the question, is Dogecoin (DOGE) worth buying? 

Should you buy Dogecoin (DOGE)? 

On June 20, 2022, Dogecoin (DOGE) had a value of $0.059.

In order for us to get a better perspective as to what this value point means for the future of the Dogecoin (DOGE) cryptocurrency, we are going to go over its all-time high point of value and its performance throughout the previous month.

Dogecoin (DOGE) had its all-time high on May 8, 2021, at $0.731578.

When we go over May’s performance, the highest point of value was achieved on May 5 at $0.137, while the lowest was on May 12 at $0.07248, which showcases a decrease of  $0.06452 or 47%.

With this in mind, and with the latest boost in popularity and support from Elon Musk, we can see DOGE reach $0.1 by the end of June 2022.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
  2. Capital.com, simple, easy to use and regulated. Register here >

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