Of all the “story coins” (as opposed to “story stocks”) of 2021, Dogecoin is easily outperforming the rest. Some folks thought it would be Cardano, but the Reddit crowd decided to crown Dogecoin the king, and so it came to pass.
Today, it’s amazing to consider that surpassing the one-cent mark was a major achievement in early 2021. That milestone is far back in the rear-view mirror, as Dogecoin surpassed 40 cents earlier this month.
The price did pull back from that level, but it’s on the rise again because of a pair of tweets from some well-known cryptocurrency aficionados. Suffice it to say that while Dogecoin may have started out as a joke, it’s serious business nowadays.
Indeed, Dogecoin is the sixth biggest cryptocurrency by market cap now. It’s not a serious threat to Bitcoin and Ethereum in that regard – or at least, not yet – but it’s moving up the ranks quickly and garnering attention from the mainstream financial press.
One of the two recent notable tweets about Dogecoin came from billionaire Tesla CEO Elon Musk, who tersely referenced his upcoming appearance on Saturday Night Live while also expressing his support for the crypto coin:
Musk has claimed that his frequent tweets about Dogecoin are meant to be jokes. Yet, his tweets appear to have a positive impact on the price of the cryptocurrency.
Of course, Musk isn’t alone in his enthusiasm for Dogecoin. In fact, Mark Cuban, the owner of basketball team the Dallas Mavericks, has tweeted several times about Dogecoin recently.
Cuban has a particular interest in Dogecoin, as his NBA team is on track to complete 6,000 Dogecoin transactions in April.
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In early March, payment services provider BitPay began accepting Dogecoin payments for merchants and consumers. The Dallas Mavericks also started to accept Dogecoin, and the fans could now use Dogecoin to buy tickets and merchandise online.
This begs the question of why the Mavericks would accept Dogecoin, of all cryptocurrencies. Cuban’s explanation is: “We have chosen to do so because sometimes in business you have to do things that are fun, engaging and hopefully generate a lot of PR.”
Here’s Cuban most interesting recent tweet about Dogecoin. It’s a response to someone on Twitter who had asked Cuban, “Why Doge over other cryptos designed to be currency Mark? Why not back one that has utility & value?”
It’s a bold statement for Cuban to claim that Dogecoin is the “one coin that people actually use for transactions.” Bitcoin users might take issue with that claim, but I’ll leave that debate up to the crypto gurus.
David Kimberley, an analyst at U.K. investing app Freetrade, doesn’t seem to be convinced of Dogecoin’s transactional value.
“People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up, and then they can sell off and make a quick buck,” Kimberely reportedly said.
In any case, Robinhood Co-CEO Vlad Tenev recently dropped a bombshell that could provide the next catalyst for Dogecoin.
“We’re working on deposits and withdrawals! Not just for DOGE, but for all coins on Robinhood Crypto,” Tenev tweeted.
Exposure on the Robinhood app would undoubtedly boost the trading volume of Dogecoin. It would probably boost the coin’s price and market cap as well – and with that, Dogecoin above $1 could easily happen sometime in 2021.
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