Following Musk’s remark, analysts expect that Dogecoin will climb beyond $1.
DOGECOIN is expected to recover after Elon Musk’s tweet as one analyst projected that the cryptocurrency would surpass $1 (£0.73) in the coming year.
The meme cryptocurrency has been on a roller coaster ride in recent months, gently declining after hitting an all-time high of $0.73 (£0.52) in May. It is currently trading at $0.24 (£0.17) this afternoon, after briefly rallying yesterday following a series of tweets from entrepreneur Elon Musk. And, this afternoon, Tesla CEO Elon Musk tweeted once more, possibly signaling the beginnings of a massive bounce predicted by analyst David Cox.
“How much the coin will be worth by the end of this year might be answered as the price of Dogecoin might hover around the $1 mark,” he wrote for CryptoNewsZ.
“The Dogecoin price is projected to be about $0.90 (£0.65) at the very least.
“As the coin is consistently breaking all-time highs, it is likely to cross the $0.80 (£0.58) barrier soon, as this is the year of cryptocurrencies.
“As a result of Elon Musk’s continued backing, the price of Dogecoin has risen dramatically in recent days.”
Mr. Cox then predicted how things would turn out if Mr. Musk continues to lend a hand.
“According to the one-year Dogecoin estimate, the price is expected to cross $1 by the end of 2021,” he continued.
“For 2021, the expected high might be about $1.07, and the predicted low could be around $0.91.”
Professor Alexander of the University of Sussex, a top cryptocurrency expert, recently urged for a new US commission to oversee bitcoin.
“If the United States is serious about regulating Bitcoin and other crypto assets, it has to create a new crypto regulation panel that includes both markets and institutions,” she said.
“It is critical to have a well-resourced panel that includes people who truly understand what drives these markets.
“Regulators are frequently one step behind innovation, as is the situation with cryptocurrency. However, with a dedicated commission, authorities may be able to keep up with, if not ahead of, those who engage in fraud or seek to manipulate or exploit the crypto markets.
“It would aid in the establishment of market discipline, which is essential for the crypto industry to mature and demonstrate its long-term promise.
“To eliminate the malpractice, we need sector-specific regulators.”Brinkwire Summary News”.