Tesla CEO Elon Musk is singlehandedly responsible for the rise of Dogecoin after he invested $1.5 billion in it for his son X Ã A-12's future, who celebrates his first birthday on May 4, 2021. The day also coincides with Dogecoin's lifetime high, making it seem the duo were truly destined to be made for each other.
Investors who pumped in money on Dogecoin as close as just two days ago saw their portfolio rise 60 percent upwards in real time, as the cryptocurrency crossed the half a dollar mark on May 4, 2021 and currently trades at $0.58 at the time of publishing.
The price is steadily climbing up and memes of 'May the 4th be with you' embossed with Shiba the dog is greeting everyone on social media.
Why Is Dogecoin Going Up?
Doge is gearing up to Elon Musk's Saturday Night Live (SNL) skit where he tweeted he would entertain people by dedicating the show to the cryptocurrency and investors are pooling in their funds days ahead of the show hoping the returns would be doubled after it premiers on television screens across the world and catch the attention of new investors.
How High Can Dogecoin Really Go?
According to an analysis done by ProVsCons, Dogecoin is expected to cross the $1 mark in 2021 and might also cross $2 by the end of the year.
However, experts claim that Doge's growth would reach a boiling point after crossing the $2 mark and moving upwards further would occur only if it happens naturally and not artificially inflated by tweets and shows by celebrities, as the excitement towards it would fizzle out with time and the focus would move to other cryptocurrencies which also delivers similar or more gains.
ProVsCons also predicts that Dogecoin would reach the $10 mark only by the end of the decade. It also predicted the cryptocurrency reaching the $100 mark is far off and not visible in the coming decade due to inflation and with possibilities of the bubble bursting if top celebrities pull out their investment in the long run, which they claim might be highly possible over time.
Nonetheless, the focus at the moment investors are excited about is May 8th SNL premier and if Dogecoin crosses the $1 mark post that would be a jubilant celebration worldwide making Elon Musk as he claims the show to be 'The Dogefather'.