Should You Follow Billionaire Elon Musk and Buy Dogecoin?

Something very interesting is happening in the world of cryptocurrency right now. Popular meme coin Dogecoin (CRYPTO: DOGE) is up more than 30% over the past 30 days and has almost caught up with Bitcoin (CRYPTO: BTC) in terms of performance. For the year, Dogecoin is up 50%, compared to 60% for Bitcoin.You can thank tech billionaire Elon Musk for that. Once known as "The Dogefather" for his support and promotion of Dogecoin during the previous crypto bull market rally, Musk appears to be renewing his support for this dog-themed meme coin. Over the past month, he has made a number of cryptic statements, suggestions, and social media posts regarding Dogecoin, all of them pointing to a huge incoming rally as we head into 2025.The first thing you need to know about Dogecoin is that a single comment or suggestion from a high-profile individual such as Musk is enough to move its price. That's the nature of meme coins: They are built on hype and speculation, so even a suggestion that you might do something is just as good as saying that you will actually do it. The market is going to take that information and run with it.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool