What is the reason behind Dogecoin's surge? One of the significant factors in Dogecoin's surge is the crypto market booming. With the market up, the vast majority of cryptocurrencies have increased in price. However, Dogecoin is a special case as many other factors have contributed to its rise. One of which is the embracement by prominent figures, such as Elon Musk, who has frequently posted on Twitter about the coin and caused significant price movements.
Another individual who has gotten behind Doge is Mark Cuban, who began accepting it through the Dallas Mavericks' website, showing that it can be a viable currency. Another factor is accessibility. Doge is now much easier to acquire than ever before. There are options to purchase on many apps and exchanges, such as Robinhood, and now on over 2,000 cash-to-crypto ATMs in the US, through CoinFlip.
Finally, momentum in online forums has caused a flurry of investment as people aim to "pump Doge" to the price of $1. Many people view Doge as the "people's cryptocurrency" because it was created as a joke. Major players and corporations are unlikely to buy in and manipulate the market or understand that it could be a viable currency. Elon has echoed this sentiment. These factors have created a perfect storm for Doge, pumping the price to where it is today.
Should investors get in on Dogecoin or steer clear of the volatility?
Never invest anything you aren't willing to lose. If you like Dogecoin and think it could be a viable currency in the future, or are fans of the idea and the movement, go ahead and invest in it. If you don't like it or think it's a fad, don't invest in it.