Tesla founder Elon Musk is the leading high profile contender backing Dogecoin and his recent tweets about the cryptocurrency sent prices soaring to new heights.
The Space X founder tweeted a picture of what appears to be a dog in outer space and captioned it, ''Doge Barking at the Moon.''
The tweet made people rush to invest in Dogecoin and the Robinhood app crashed due to the load of new users signing up. Doge nearly tripled its value in less than 24 hours after the tweet.
The coin, which was trading around $0.6 before his tweet, went to new heights touching $0.41 the next day.
Reports are now doing the rounds that Amazon founder Jeff Bezoz is planning an entry into Dogecoin and back the much talked about cryptocurrency by investing billions of dollars.
Financial experts revealed to the Express UK that the Bezos' entry would take Doge to unimaginable heights in the long run giving investors a taste of richness.
The expert added that Bezos might consider backing Dogecoin after more than 140,000 people signed an online petition urging the e-commerce giant Amazon to accept Dogecoin as a payment method.
''There is speculation that Jeff Bezos might be coming to the scene as a second-lead,'' the expert told Express UK and continued, ''The adoption from someone like Bezos can set Dogecoin to $1 in less than 24 hours.''
The financial expert predicted that both Musk and Bezoz' involvement in Dogecoin would thrill investors including millennials. ''Not only would it have the approval of Bezos, but it would be supported by the two richest men in the world. That is something that is only seen once-in-a-lifetime.''
Is Amazon Planning To Start Its own Cryptocurrency?
New reports are also doing the rounds that Amazon is working on a secret plan to start its own cryptocurrency giving the other coins a run for their money. This comes after the e-commerce giant put up online job adverts that the company is hiring for 'Digital and Emerging Payments (DEP)' division.
The job description indicated that Amazon would ''convert cash into digital currency.'' A line from the JD read, ''We are building a tech team to build innovative payment products for customers in emerging markets,'' hinting that some form of virtual money can be used in buying their products.
However, none of the claims are officially confirmed and we will have to wait and watch if Jeff Bezos plans to invest in Dogecoin or start his own cryptocurrency in the near future.