The price of Dogecoin was £0.003865 ($0.0028) on January 1 and now stands at £0.285451 – this represents a jump of more than 7,000 percent since the start of 2021. Dogecoin’s success has been fuelled by Tesla billionaire Elon Musk’s endorsement of the digital coin. Express.co.uk speaks to Dogecoin experts about the “joke cryptocurrency” which is rising in popularity prompting a rise in the price of Dogecoin.
The meme-based cryptocurrency Dogecoin is being celebrated around the world today.
Dogecoin-mania is sweeping around the globe as enthusiasts support the digital coin and endeavour to push the price of this currency up to £0.71 ($1) today.
The digital coin has now been propelled into the top 10 cryptocurrencies, helped by SpaceX founder Elon Musk.
In the past 24 hours, the price of Dogecoin surged to hit £0.31 ($0.44).
The highest the digital coin has ever reached is £0.32 ($0.45).
Dogecoin’s current price is £0.28 ($0.937), which is a change of 0.33 percent in the past 24 hours.
READ MORE: Bill Gates ‘betting on total collapse’ of Bitcoin
Tom Stelzer, cryptocurrency specialist at the personal finance comparison site, finder.com, said the rise of Dogecoin has been fuelled by retail investors which continues to push the price even higher.
Mr Stelzer told Express.co.uk: “Dogecoin has already exceeded the most optimistic predictions, so it’s difficult to say how much higher it can go.
“It is currently the fifth most valuable cryptocurrency by market cap, so chances are it’s very close to its price ceiling already.
“Many investors seem to have a price target of £0.71 ($1), which one year ago would have seemed impossible, but whether that remains the case is anyone’s guess.”
Now campaigners are pushing to get DOGE to $1, with threads on Twitter urging investors to take note of the surging cryptocurrency.
Mr Stelzer added: “The dramatic price increase in Dogecoin has been almost entirely fuelled by retail investors, and they would need to continue buying in huge numbers to push the price even higher.
“Dogecoin is an inflationary cryptocurrency, which means new Dogecoins are being produced all the time.
“This means that there needs to be a lot of continuous buying pressure from investors just to maintain Dogecoin’s current price.
“While this may be unsustainable, younger investors are still flocking to crypto in their millions – our recent survey showed 40 percent of those aged between 18 and 34 have now bought at least one cryptocurrency before and 21 percent plan to do so in the future.”
Dogecoin price prediction: When will Dogecoin reach $10? [INSIGHT]
Why is dogecoin going up? Expert warns every ‘bubble has to burst’ [EXPLAINER]
Could SafeMoon overtake Dogecoin? Crypto skyrockets [ANALYSIS]
And SpaceX founder Elon Musk is just one of those pushing the cryptocurrency with tweets about Dogecoin to 51.6 million followers.
A simple search of Dogecoin on Twitter brings up a host of memes, campaigns and celebrity endorsements.
Marcin Kolago, CEO of cryptocurrency startup Coinerro, outlined this, saying Dogecoin is increasing due to “untraditional factors”.
Mr Kolago told Express.co.uk: “It is very hard to set any kind of limit or prediction for Dogecoin due to the untraditional factors driving its price.
“For other coins, you have factors like utility, future potential, listings on major exchanges or securing key partners.
“DOGE’s drivers are celebrity tweets, the emotions of its fanbase and speculators joining rallies.
“To say DOGE is looked down upon by crypto purists is to say nothing at all.
“At this point in time, it has become part of crypto folklore.
“Even though it’s the world’s fourth-largest crypto by market cap today it is forever on the sidelines, away from any kind of mainstream crypto discussions.”
DOGE is competing with the likes of Bitcoin and Litecoin, popular cryptocurrencies traded around the world.
However, some experts believe Dogecoin could rival Bitcoin, should its trajectory continue.
Seek Capital CEO Roy Ferman said Dogecoin could reach “unimaginable heights” in a similar vein seen with Bitcoin.
Mr Ferman told Express.co.uk: “Dogecoin’s value has grown exponentially.
“Although Dogecoin is currently the cheapest cryptocurrency around, it’s proven to be an opportune investment.
“That being said, it is fairly challenging for experts to accurately predict the future price point of this new cryptocurrency because of the varying effects of its budding social media interest and influence.
“Bitcoin’s rise to fame and fortune has helped the younger generation acclimate to crypto investments.
“Some experts believe this newfound hype surrounding digital currency will dissipate soon while others believe this is only the beginning. Dogecoin has seen over a 6,900 percent increase in this year alone.
“If this trend continues to thrive, it’s perhaps safe to say Dogecoin can reach the unimaginable heights Bitcoin is currently soaring at.
“Of course, there is no way to foresee the future of this cryptocurrency, but the record shows, early BTC investors struck a gold mine before they even knew it; the same outcome is an extremely probable fate for Dogecoin.”