Is Elon Musk buying Dogecoin?

While there are expectations of DOGE hitting the new ATH at $1, investors might have to settle for a far less value at around $0.40, according to walletinvestor. For the coin to hit an immense high next year, it must continue garnering community support. All in all, DOGE is expected to pump higher come 2022 .

When more people talk about it, more people invest in the coin, leading to an increased value in the coin. “Tweets from Musk and surging interest from a wave of amateur investors fueled a speculative frenzy in the cryptocurrency earlier this year, driving its price higher ,” per CNBC.

Based entirely on the fact that Dogecoin has no real-world utility, I don’t recommend investors buy it . With the price significantly down from its recent high, scooping up this meme coin might seem like a low-risk move with big upside.