Elon Musk's most loved meme cryptocurrency Dogecoin nearly fell 40% during the crypto market crash after China pulled the plug on crypto trading warning the country's Central Bank's financial institutions not to deal with cryptocurrencies and its related services.
Despite seeing a heavy slump in the indices, Dogecoin proved it's mettle and rose 8% at the time of publishing and is trading in green after trading in red for a weeks time.
Undoubtedly, Dogecoin has a strong presence on social media with every investor dishing out memes of 'to the moon' and luring new investors to pour in their money with the hope of being filthy rich in a few years down the line.
Now that the crypto market is slowly yet steadily recovering from the crash, social media is rife with speculations that a new Dogecoin boom is predicted in the next few weeks and its time to buy the dips to see better fortunes.
Several other groups on Telegram also claim Doge is all set to reach the heights of Bitcoin in a few years and those who miss out on the bull run will regret for life as Musk would send a wild tweet about the crypto making it touch new heights.
However, investors on social media seem to be living in a parallel world filled with memes and speculations and the real financial world is nowhere close to being delusional.
Will Dogecoin Really Reach The Heights Of Bitcoin?
Katharine Wooller, the MD of crypto wealth platform Dacxi, believes that of all the coins available in the crypto market, Dogecoin is among the worst of them all as it has no underlying future and is simply run on memes. She told Express.uk that Dogecoin is "the worst of the crypto industry".
Wooller also stated that Dogecoin needs to carry a 'health warning' the same way governments carry warnings on a pack of cigarettes as the meme coin will eventually eat up all their investments. ''Dogecoin should carry a health warning, it is the worst of the crypto industry, meme-based with no underlying use case or investment thesis,'' she said.
She predicted that Dogecoin will never come close to Bitcoin and Ethereum as the two projects have underlying value and is serious with their finances. She called Bitcoin light years ahead of Doge and the meme currency might never cross its value in the future.
''For those cryptos who have a serious place in the financial infrastructure, Bitcoin, Litecoin, Ethereum are light years ahead in their projected values, as there is a multi-trillion dollar addressable market,'' she said.