From Nasdaq.: 2024-05-12 17:00:11

Elon Musk’s love for Dogecoin has been well-known for years, causing significant price fluctuations with each post about it. Tesla recently started accepting DOGE as payment, driving prices up by 3.5% in the past week and 94.1% in the past year, according to CoinGecko.

Experts are divided on predicting DOGE’s worth in five years, citing its ties to memecoins and its rise as a form of protest against traditional currency systems. While Musk’s influence remains strong, there are concerns about the future trajectory of Dogecoin outside of his support.

Despite the uncertainty, memecoins like DOGE are gaining institutional adoption and market sentiment, increasing their value and volatility. Competing memecoins and Musk’s potential shift in focus could impact DOGE’s performance, but it still remains a significant player in the meme-themed coin market.

Musk’s continued impact on Dogecoin gives it legitimacy and relevance, but there are risks associated with his influence on the coin’s price. Even if Musk were to step away, DOGE is likely to maintain its position in the memecoin community, albeit at a slower pace. Its long-term potential remains strong, regardless of Musk’s involvement.

Read more at Nasdaq: If You Own Elon Musk’s Favorite Crypto, Dogecoin, What Will It Be Worth in 5 Years?