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Elon Musk's latest comments haven't driven Dogecoin prices up
Investors have learned that Elon Musk really can move markets. The founder of SpaceX and Tesla (NASDAQ:TSLA) has shown that even mentioning a popular cryptocurrency is often enough to send it shooting up. His tweets have inspired Shiba Inu (CCC:SHIB-USD) and Floki Inu (CCC:FLOKI-USD), sparking major rallies. But most importantly, the Dogefather has backed Dogecoin (CCC:DOGE-USD). Today has brought a truly strange turn of events though, posing complications for Dogecoin price predictions.
This week began with the announcement that TIME Magazine had named Musk its 2021 Person of the Year. That hasn’t even been the headline that turned the most heads on Wall Street this morning, though. The magazine tweeted a video of Musk discussing crypto as part of the announcement, in which he offered up an endorsement of one crypto. He touted the utility of Dogecoin over Bitcoin (CCC:BTC-USD).
“Even though it was created as a silly joke, dogecoin is better suited for transactions,” he stated.
Many Dogecoin fans responded to the video positively, emphasizing that it meant that the meme coin was here to stay. Since this morning, though, its prices have not moved, remaining stubbornly at 16 cents. What does this mean for Dogecoin price predictions? Let’s see what some experts have to say.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2021/12/dogecoin-price-predictions-where-can-musk-take-doge-after-person-of-year-honor/.
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