Dogecoin is an open-source peer-to-peer cryptocurrency that was popularised by Elon Musk in a meme.
After the meme was shared, the cryptocurrency achieved new highs in recent days. Experts say online groups are driving up the price of the digital token, which has risen 91 percent according to price trackers since SpaceX CEO Elon Musk tweeted about it. The current price is a 20,000 percent increase over the previous year's price.
Dogecoin is driven based on trading fundamentals and events such as celebrity endorsements and acceptance in major corporates, both of these are clearly on the uptrend and are therefore very foreseeable in 2021.
It is difficult to predict, but does not believe it will overtake fiat currency like pound or euro. Traditional financial world will have to embrace the technologies that underpin cryptocurrencies, start with the rise of central bank digital currencies. Those are already on the rise and will likely continue to gain more and more attention in the coming years.
Right now, investors and traders are almost encouraged to take the risk.
