2 reasons why Dogecoin is up 11% in the last 3 days. Should you buy?

On Thursday, Robinhood CEO Vladimir Tenev tweeted to his 202,000 followers that Dogecoin (DOGE) may be the “internet currency.” The following is the text of his first message:

“Can #Doge truly be the internet’s and people’s future currency?” I considered what it would take when we enabled the option to send and receive DOGE on Robinhood.”

Tenev then presented numerous reasons for his decision to promote DOGE as the supreme cryptocurrency, including the Dogecoin network’s low transaction costs, rapid settlement speeds that can still be improved, and a current inflation rate of less than 5% – which is less than that. of the US dollar.

Elon Musk’s bid to buy Twitter could be big for DOGE

Elon Musk, the CEO of Tesla and SpaceX, launched a $43 billion bid for Twitter earlier in the day after recently acquiring more than 9% of the company’s stock, making him the largest individual shareholder.

Musk has already praised DOGE as a “better payment” option and has used Twitter to show his support for the canine-themed coin. He’s even dubbed himself “Doge Father.”

Musk pressured then-Twitter CEO Jack Dorsey during a webinar last summer to allow Twitter advertisers to pay in “Bitcoin and maybe some other cryptos,” implying Musk may have DOGE intentions if his Twitter deal goes through. Musk has long maintained that Dogecoin is a superior payment method to Bitcoin, has urged Twitter to accept Dogecoin for tipping, and recently indicated that Twitter Blue, the social network’s paid subscription option, should take Dogecoin as payment. It’s also worth mentioning that, in a feature article published in TIME in December 2021, Musk indicated that Dogecoin was a superior digital payment system when compared to Bitcoin, bolstering Tenev’s twitter series from the day before.

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Or Musk’s Twitter bid is more about short-term profit than DOGE?

2 reasons why Dogecoin is up 11% in the last 3 days Should you buy s
Dogecoin

DOGE appears to have risen as a result of all of this action. DOGE was up as much as 11% in the last three days and 31% in the last month, according to CoinMarketCap at the time of writing. Despite the price correlation between DOGE and Musk’s attempt to buy Twitter, some, including crypto enthusiast and Shark Tank investor Mark Cuban, believe Musk’s move on Twitter is motivated by profit and a desire to mess with the SEC, as Cuban remarked in this tweet yesterday.

“In my opinion, @elonmusk is tampering with the SEC.” He can declare he wants to take a firm private for $54.20 instead of “Am considering taking Tesla private at $420” in his SEC filing. “Funding has been secured.” The cost rises. His [Twitter] stock is put up for sale. Profits are increasing. “WTF just happened in the SEC,” Cuban said.

The SEC sued Musk for breaking restrictions that govern how potentially stock-price-moving material can be made public, and Cuban’s post referenced to a 2018 Twitter message in which Musk declared his plans to take Tesla private. Musk reached a settlement with the SEC and resigned as chairman of Tesla’s board of directors as a result, thus this Twitter activity could be a dig at the SEC. But, according to legal analyst Aron Solomon, J.D. at EsquireDigital, Musk isn’t only meddling with the SEC; he’s also messing with the Twitter board of directors.

“Musk’s $54.20 per share offer is great. If Twitter rejects this, it will face a slew of shareholder class-action lawsuits. Whatever happens, the Twitter board loses. If they say no, Musk has hinted that he will sell his 9.2 percent stake, with the evident assumption that shareholders will suffer losses as a result of the stock’s decline. In sum, anything other than Musk’s offer might send Twitter’s shares soaring,” Solomon wrote in an email.

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Should you buy?

According to CoinMarketCap, DOGE is up roughly 3% on the day but down 59 percent from its all-time high of $0.74 in May. While this is not financial advice, and investors should always conduct their own research, if Dogecoin developers can incorporate some of Tenev’s recommendations, Dogecoin could be worth considering if it becomes a main on-ramp for broad crypto adoption.

Dogecoin Price Prediction 2022

Following a month of sluggish trade, the price of Dogecoin is currently hanging around $0.1192. A brief outline of our Dogecoin forecast for the years ahead is offered below to help illustrate the coin’s long-term prospects:

  • End of 2022 – Despite the fact that Dogecoin’s value has dropped dramatically in the last eight months, the coin continues to enjoy tremendous support from social media communities. As a result, any collective buying by retail traders by the end of 2022 might boost DOGE towards $0.3500.
  • End of 2023 – There are additional reasons for people to possess DOGE now that it has real-world applications, such as online tipping. If the development team adds more use cases, the Dogecoin price might reach $0.6000 by the end of 2023.
  • End of 2024 – Finally, reaching the all-time highs set in May 2021 will be difficult, yet sustained promotion and increased utility could help DOGE attain this goal. With this in mind, we predict that Dogecoin will recover to $0.7300 by the end of 2024, a 500% rise from its current price.

Here we suggested Dogecoin for future, But it is your responsibility to do some research before investment. Although Dogecoin is good for future.

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