Three Reasons Why Dogecoin is Shooting Higher This Week

Why Dogecoin is Shooting Higher This Week

The price of Dogecoin has soared over the past week, doubling in value in a week. That’s a lot of money for anyone, and it’s no wonder investors are getting excited about the new currency. However, the rise in dogecoin’s value has some bears worried. Here are three reasons why this new cryptocurrency is shooting higher: (1) it has become a popular trading tool; (2) it’s a great way to start investing in the cryptocurrency; (3) it’s a proven strategy.

The first reason: Elon Musk publicly supported Dogecoin in an interview with Time Magazine. Moreover, the Tesla CEO recently announced that it would accept Dogecoin payments for certain merchandise. It’s a coincidence, but analysts say that a high-profile appearance by Musk by a major figure in the cryptocurrency world could push the price even higher. These are just some of the reasons why Dogecoin is shooting higher this week.

Other factors: The crypto is popular with people who are interested in Bitcoin and other cryptocurrencies. It’s unlikely that Elon Musk will ever buy Dogecoin. But his tweets have a strong influence on the price of Dogecoin. The tweets that he sent about the currency caused the price to surge by nearly 20%. This seems like a great sign for the future of the cryptocurrency.

Three Reasons Why Dogecoin is Shooting Higher This Week

Last week, Elon Musk announced that he’ll be letting Dogecoin out on Saturday. This has driven the price of Dogecoin to over three-quarters of a cent. That’s a great result for cryptocurrency investors and enthusiasts who are eager to cash in on the hype. But there’s a lot of uncertainty surrounding the future of Bitcoin and altcoin.

The rise of cryptocurrency prices has been boosted by positive news from the US government. The government is sending emergency Covid-19 payments to eligible households. These cheques are worth $1,400 each. These funds are meant to help struggling households with low incomes. The recent boost in the price of the crypto asset is being attributed to the US government’s support of the cryptocurrency. This news has helped fuel the market.

Coinbase Global is a platform that allows people to trade cryptocurrencies. Interestingly, the company also reported that it had a 44% increase in monthly transacting users. The company also announced that it will start accepting Dogecoin payments for select merchandise. These factors have boosted the price of the cryptocurrency this week. This is a sign of its increasing popularity. But why is it shooting higher?

Besides the fact that Coinbase now supports Dogecoin, other factors are also driving the currency’s growth. Adding support to Dogecoin will likely result in an increase in its price. Considering that the demand for Dogecoin is higher than the supply, it could be a good time to buy this new cryptocurrency. And it’s a great way to get into the crypto market.

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