The meteoric boost caused by the Elon Musk effect
The entire crypto world knows very well that Dogecoin has been driven by the effect Elon Musk has had on it, by mentioning it and investing in it. It is no secret that the price of Dogecoin never was not of great importance in the cryptocurrency scene in general, nor is there a major project behind what it represents.
Dogecoin was just a cryptocurrency that was created as a joke, featuring the famous doggy meme. It was generally used to reduce the cost of fees when exchanging other more important and higher value cryptocurrencies. It has its blockchain, yes, it had its place in the world's top 100 cryptocurrencies before the Musk effect too, but after that happened, Dogecoin's market capitalization soared and of course its market value increased.
What Dogecoin is teaching us
In the world of cryptocurrencies we may like it or not like it, but what it's teaching us everyone this case of Dogecoin is a great lesson we should never forget again.
Cryptocurrencies are not worth because one likes it or not, nor because there is necessarily a huge or important project behind them; instead of that, their value is because strong hands (or people with large capital in hand) are willing to invest in it and increase its market capitalization and general perception.
It can be a joke cryptocurrency, without any project or real value in the market, or of any kind, but if someone important bets on it, it can greatly increase its value, and give profits to those who have bet on it for a long.
To clarify, in the past Dogecoin was cost 2 thousandths of a dollar, roughly ($ 0.002) and recently was hit an all-time high of $ 0.30 (or 30 cents) roughly. Thanks to its recent capitalization increase, it now belongs to the select top 7 of the cryptocurrencies with the highest market capitalization; a remarkable feat for any cryptocurrency, especially one that is considered a joke.
But beyond all that has been said
This case what it makes us wonder about Dogecoin is how far its price will go. I mean, 2 $? 3 $? or even more? Personally, I think I will invest a bit in buying some Dogecoin, but something that I can risk without much concern (something like $ 10 or $ 20 as maximun, maybe $30).
By doing this, I may be positively surprised about it in the future, I mean, perhaps I get some important profit percentage; but we will see.
See you people