With interest in Dogecoin skyrocketing, fueled by speculation that Elon Musk will partake in a skit involving the cryptocurrency on Saturday Night Live (SNL), below is a commentary from Jesse Cohen, senior analyst at Investing.com.
Q1 2021 hedge fund letters, conferences and more
Predictions For Dogecoin Ahead Of SNL And Beyond
"We see a greater likelihood that Dogecoin will reach the $1-mark in the coming days, with probability rising for DOGE to rally to as high as $5 later in 2021 amid soaring social media interest.
"Dogecoin mania has shown once again the power of the retail crowd. Growing acceptance by retail traders and mounting support from high-profile billionaires will continue to add to the legitimacy of the meme cryptocurrency.
"With Alt-Season approaching, we expect money to flow out of the expensive large-cap coins and into the smaller alt-coins still trading in the single-digits."
