Elon Musk has been professing his love for Dogecoin for a few years now — his first post about it goes back to 2019, when he called it his “fav cryptocurrency” — and he has since been sending the crypto on a rollercoaster ride following each one of his multiple posts about it. And earlier this month, in a significant move and a further stamp of approval for the crypto, Tesla updated its methods of payments to accept DOGE, according to its website.
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This sent the price of DOGE soaring, according to CoinGecko. And as of May 10, the price was up 3.5% in the past week, and a whopping 94.1% in the past year, according to CoinGecko data.
Yet, the trajectory of DOGE is tricky, with many alternative cryptocurrencies and memecoins being inherently extremely volatile. And while Musk continues to have a significant impact on DOGE’s popularity, and price, whether its path is tied to him remains to be seen.
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Difficult To Predict What DOGE Will Be Worth in Five Years
Patrick Gruhn — lawyer, entrepreneur, CEO of PMX Technologies and former (now defunct) FTX executive — argued there is no way to really predict what DOGE will be worth years from now, especially with “the absolute hype around memecoins on Solana as well.”
However, Gruhn noted that there is a very interesting point regarding memecoins in general, as they are often seen as a form of protest.
“The argument goes like this: ‘If the government is going to inflate and tax my hard-earned money away paying off their debts, enriching their friends, and buying political votes for re-election, then I’m going to simply use a different monetary system altogether that they can’t mint. And it’s going to be a dog on the face of the coin, because that’s what I think of what’s currently represented by the faces currently on our physical coins,’” he said.
“Seeing as Elon is creating a whole ecosystem of software and hardware innovation, perhaps he could stand with this protest and allow Dogecoin to be used with his products/services, thereby ensuring its demand. Then, of course, the value in five years can be substantial,” he added.
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