Facebook Twitter

Dogecoin investors are trying to push the value to $1. Here’s why they’re doing it now

Dogecoin investors are attempting to push the value to $1 after it had a huge jump on Wednesday

SHARE Dogecoin investors are trying to push the value to $1. Here’s why they’re doing it now
An illustration of coins in a dog bowl.

Illustration by Alex Cochran, Deseret News

Dogecoin investors took to Twitter Wednesday to try to push the value of the meme-based cryptocurrency to $1 in value.

Why are Dogecoin investors trying to reach $1 now?

Social media users tweeted their beliefs in Dogecoin using the hashtag #DogeCoinTo1Dollar, which was one of the top trending hashtags Wednesday morning.

The recent push began after Dogecoin saw a more than 30% spike in value. The jump came shortly after Tesla CEO Elon Musk tweeted a meme with the Dogecoin dog — a Shiba Inu dog — on social media.

Another reason for the spike is that Coinbase Pro announced Tuesday that Dogecoin will soon be made available on its assets exchange platform, where trading is allowed.

  • Doge will be available for trading on Coinbase Pro — a digital assets exchange website — beginning at 10 a.m. MT on Thursday, as I wrote for the Deseret News.
  • However, Dogecoin won’t be available on Coinbase.com or the consumer mobile apps, like the Coinbase app, just yet. A separate announcement will come if that happens, Forbes reports.

Dogecoin and the $1 push

Over the last few weeks, Dogecoin investors have been working to push the value of a single dogecoin to more than $1. The coin was worth about $0.42 on Wednesday morning. It’s hovered in the $0.30 to $0.70 range in recent weeks, which is a huge jump from when it was worth $0.005 on Jan. 1.

Jenny Ta, the founder and CEO of CoinLinked.com, said single dogecoins will reach a value of $1. She also said there’s a chance it will reach a value of $7 or $8 per coin, according to Benzinga.