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Dogecoin’s 6580 percent year-to-date returns have made a strong case for its inclusion in top portfolios. Despite the fact that DOGE’s popularity has been constantly scrutinised, the meme coin has remained unchanged. DOGE was hovering well below $0.41 at the time of publication.
One of the coin’s faithful promoters, Mark Cuban of the Dallas Mavericks recently addressed DOGE’s potential transition to a viable currency in a series of tweets. He stated:
“Meme coins like Doge only work if they gain utility and users use them for that utility. As long as you can spend Doge, because we know it’s annual inflation rate is set at 5B coins, it can gain SOME value as the utility grows. It becomes like any other currency.” he said in one of his many tweets.
The Shark Tank star added:
“As long as more companies take doge for products/services, then Doge can be a usable currency because it MAY hold its purchasing value better than a $ in your bank. If interest rates skyrocket or the amount spent falls or stagnates, so will Doge. Yes, a joke is now legit”
Moving on to another Dogecoin advocate, Tesla CEO Elon Musk had long taken to tweeting about DOGE, with several of his tweets sparking a DOGE spike unrivalled by the rest of the sector. Consider his most recent tweet –
SNL May 8
— Elon Musk (@elonmusk) April 28, 2021
Within a period of fewer than 4 hours, DOGE registered a 25% incline on the charts, surging from $0.26 to $0.32 at the given date.
On the opposite, many sceptics seem to dismiss DOGE as nothing more than a joke and a bubble. According to them, Dogecoin’s bubble would therefore burst. The question is, when will it happen?