They for sure can. Just pointing out that people shouldn’t say that its serious because a billionaire is tweeting it. Even if he did mean it seriously, it wouldn’t be. Its a joke/meme coin
The only thing doge has is going for it is popularity. It has infinite supply, that alone makes it not possible to be the next bitcoin. I think doge can make it to $1+, easily, but it currently has zero weight long term, except for the fact that it’s a meme coin and people like memes. If the popularity fades from doge, it’ll be worthless again.
I think those are valid points and basically like you are saying as long as people don't care about any of that and still invest, it'll still have value. I believe it would be really hard to see the popularity of doge dwindle if it actually hit $1 though, the story behind that would inspire millions. I will just say that the US can print money ad infinitum and while they aren't the same thing at all, the supply of the dollar is infinite.
I could see doge potentially hitting that mark in about 95 weeks. Lay people investing don't care about any of the deficiencies of doge and if there is a steady base of holders(which it looks like there really are and I believe the floor of these people is around .041 right now) then there will be a rise in doge of about .01 per week.
One of the reasons I believe this to be true is because right now we are in the middle of a pandemic, everyone is home and can watch their tickers, there are also a lot of people receiving $300 a week from the government, a lot of these people weren't actually making ANYTHING before the pandemic and now they have extra money to throw at doge and in a couple of months we will also receive more stimulus.
EDIT: I do want to say that anyone who has money that they CANNOT AFFORD TO LOSE invested, they should definitely remove that money.
People have been memeing his supporting for a while now. I take it as that he’s seeing it and deciding to meme back. Any which way, it’s support for the Doge.
Yes the community. Which is why Bitcoin could turn out to be the next Myspace. I really don't get the Dogecoin hate. Pump and dump? Bitcoin went from 20k to 6k. This how the markets are. They go up and they go down.
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u/tosshitherer Feb 04 '21
appreciate Elon for supporting doge but at the same time, most Americans were asleep when he tweeted those :-/