After Musk tweeted on Thursday that he is working with Dogecoin developers to “improve system transaction efficiency,” the Shiba-Inu-themed token with no practical uses soared from about 43 cents to 51 cents in a flash. It’s up by about thirty percent in the past 24 hours, according to Coinmarketcap.com.
If we check out CoinMarketCap, it is the fourth-largest cryptocurrency with a market cap of $67 billion, according to Coinmarketcap.com.
Please, keep in mind that Dogecoin is especially risky. It has less credibility than other digital assets like Bitcoin.
Few companies accept Dogecoin as a means of payment, and unless that changes, Dogecoin is not a good way for a long-term investment.
But we should admit that Dogecoin has a great potential to be a lucrative short-term investment. However, this type of investing is incredibly risky, and it can lead to a great loss. Dogecoin is an extremely risky investment without a strong track record, and it is not clear where it will be a few years from now.