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Dogecoin to the Moon?

This article is published in collaboration with Statista

by Martin Armstrong

What originally started out as a meme, and for the most part became a novelty cryptocurrency, Dogecoin has been building up a real head of steam recently. As figures from CoinDesk show, the currency's price is currently skyrocketing. Having been valued at a tiny fraction of a cent for years, the price jumped in February to what was at the time a dizzying height of $0.05 after a supportive tweet from Elon Musk. Now though, the price is above the 65 cent mark and despite a dip at the end of April, still rising.

Among followers of the cryptocurrency, 'Dogecoin to the moon' is a phrase used to describe the belief that a massive price surge is coming and the recent leap in value is surely the closest this dream has so far come to being a reality.

Let's keep things in perspective though. One Bitcoin is currently worth around $55,000. The figurative moon is therefore a long way off of course, and many analysts are expecting the bubble to burst sooner rather than later. In the real world though at least, Elon Musk, Dogecoin advocate and self-proclaimed 'meme lord' has teased the idea of taking a Dogecoin to the actual moon with one of his SpaceX rockets. However outlandish, this prospect seems more likely than the currency extending its current blast into crypto orbit.

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