Crypto News : Dogecoin Value Touches 70 Cents: Will Elon Musk's Favorite Meme Cryptocurrency Be Worth a Dollar Soon?

Dogecoin has touched 70 cents, just 30 cents away from the 1-dollar mark. Will Elon Musk's favourite meme-currency stop being just a joke soon?

Is Dogecoin going to be the cryptocurrency of the future? Elon Musk already thinks so and current trends indicate that the Shiba Inu themed cryptocurrency is already on its way to the top. The meme-cryptocurrency Elon Musk wouldn’t stop tweeting about reached an all-time high in mid-April, crossing 10 cents for the first time. The market cap of DogeCoin — which started as a joke and is literally classified as “a meme coin" — is currently over $93.38 billion. This is the highest-ever for the cryptocurrency, and the result of a semi-ironic movement that’s involved thousands of buyers, tens of thousands of online posters and the world’s richest man, Elon Musk. In early January, each token was worth less than one cent. In late January, when both the GameStop and DogeCoin movements hit their stride, the value of DogeCoin shot up to 7.5 cents, well over a 10-magnification, before sliding down to 2.5 cents. The coin has spent the past few months in the three- to the seven-cent range.

On Saturday, at 10:18 AM IST, Dogecoin has touched 70 cents, just 30 cents away from the 1-dollar mark. According to Coindesk, the price currently stands at $0.723573, witnessing a +25.77% change in the last 24 hours. Could this change be attributed to the Tesla boss and what the Internet has termed ‘The Musk Effect’?
Elon Musk, Tesla CEO, SpaceX boss and Dogecoin advocate, in a recent interview to TMZ, while at a public signing mentioned, that this cryptocurrency may be the future. In the interview, he says that “There is a good chance that crypto is the future currency of the world. Then the question is which won is it going to be? It could be multiple," he said.

He then explains the origins of how Dogecoin was invented as a joke, essentially to make fun of cryptocurrency, and that’s the irony, explains Musk. “That the currency that began as a joke, becomes the real currency."