The infamous cryptocurrency made headlines the past few weeks when its price rose from a mere $0.006 up to a peak of $0.40 — a jump of over 6600% in just a matter of weeks.
Fear of missing out
In an interview with gamers, many of them mentioned that the decision to buy Dogecoin was simply because “it is currently cheap”, “everyone is getting it”, and “because Elon Musk and memes”.
“People are saying that Dogecoin has the potential to reach $1, so there’s still a long way to go. It’s cheap now and everyone’s getting it. Oh and because we love Elon Musk and memes.”mentioned a gamer in an interview.
Gamers love Elon Musk and Memes
A large part of Dogecoin’s popularity has been attributed to celebrities and influencers hyping up the cryptocurrency, Elon Musk being one of them.
As of late, the price of Dogecoin currently hovers at around $0.26 cents, after it took a sharp dip along with other major cryptocurrencies (Bitcoin, Ethereum, and many others fell sharply last week).
Despite its lack of use, many speculate that Dogecoin’s price will continue to rise, largely due to widespread adoption and the love for memes.