Dogecoin has been quickly surging in popularity and price as investors jump into the cryptocurrency based on a meme that was originally created as a joke.
"Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live. Also known as the Dogefather, Musk will undoubtedly have a sketch on cryptocurrencies that will probably go viral for days and further motivate his army of followers to try to send Dogecoin to the moon," wrote Edward Moya, senior market analyst at OANDA. on Tuesday, May 4.
"Dogecoin, now the fourth largest cryptocurrency in the world appears to be continuing its ascent to the moon. Shiba lovers, Reddit and Twitter users, and many celebrities jumped on the Dogecoin bandwagon this week and no one knows how much larger this bubble will get," Moya continued in a fresh note on Wednesday, May 5. "Dogecoin mania will see a similar fate as GameStop did at the end of January, but will it happen if it hits the $1 level, or will it be able to see continued momentum to make a run towards $2. Social media platforms are filled with pleas to not sell at $1, but no one knows if the institutional money that is riding this fervor will be large enough to crush the retail love. Dogecoin is the riskiest bet you can make right now."
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