The cryptocurrency, which initially started as a meme, is now considered a genuine financial asset by many influencers. Although, there are people who think that meme-driven cryptocurrency has no future in the crypto market. But there is no doubt that the avid fans of DOGE are trying their best to make the “meme coin” hit the $1 mark soon.
One of the celebrities who strongly believe in the potential of DOGE is Mark Cuban. The owner of the NBA franchise Dallas Mavericks said that Dogecoin could prosper in the crypto market and can reach the value of $1. Mavericks have started to accept payments in the form of Dogecoin as well. Cuban claimed that fans were always supportive of Dogecoin payments, and they have been successful in selling 20,000 Dogecoin worth of Maverick’s merchandise. Cuban further estimated that if they would sell another 6,556,000,000 tokens of the meme-based cryptocurrency, then it will reach the landmark of $1 for sure.
Dogecoin’s celebrity fan base has been growing for the last few months. Gene Simmons, the American musician, has tweeted in favor of Dogecoin. The popular rappers Snoop Dogg and Lil Yachty also find Dogecoin to be a valuable asset. But the most notable supporter of Dogecoin since the start is Elon Musk. Tesla’s CEO has been a prominent advocate of “meme coin” on Twitter since the start of 2020.
Dogecoin’s Future in the Crypto Market
The Chief technology officer of Komodo, Kadan Stadelmann, has different opinions about meme-driven cryptocurrency. Stadelmann stated that DOGE reaching $1 price seems almost impossible to even with excessive adoption by NBA owners, including Mark Cuban’s likes.
Apart from some mainstream personalities backing Dogecoin, many industry experts and professional traders are not prepared to invest in “meme coin.” Stadelmann said that Dogecoin could not compete with Bitcoin or Ethereum, and corporations ignore DOGE completely when considered with the world’s leading cryptocurrencies.
Chief operating officer of BitFlyer Joel Edgerton believes that cryptocurrencies like Dogecoin are supposed to be a source of entertainment. Edgerton claimed that DOGE had not proven its worth yet. Dogecoin’s price has increased by 2,440% in the last year or so. Lyu believes that DOGE has a long journey to go through before converting into a valuable financial asset.