Cryptocurrencies and tweets are always in a complicated relationship. One tweet from Elon Musk can change the entire scenario of any cryptocurrency (particularly Dogecoin and bitcoin). But recently, DOGE is the talk of the town after famous Dogecoin influencer and YouTuber Matt Wallace placed a big bet on the meme coin, promising to delete his YouTube channel if DOGE doesn't reach US$1 by the end of the year. That's a huge commitment, especially looking at the performance of Dogecoin.
Matt Wallace, the Dogecoin influencer who runs the popular YouTube channel Final Stand, solely dedicated to covering the crypto, has placed a big bet on the price of DOGE hitting US$1 before the end of 2022. According to Investing.com, Wallace promised to delete his YouTube channel, one of Dogecoin's largest communities on the internet, if the meme coin failed to hit the US$1 mark. He tweeted;
I am so confident #Dogecoin will pass $1 by the end of the year, that I will delete my YouTube channel if it does not.
— Matt Wallace (@MattWallace888) June 15, 2022
Wallace started creating YouTube videos for Dogecoin in March 2018 and has amassed over 248,000 subscribers and 36.7 million views in the period.
2021 was, without doubt, the best year for dogecoin thus far. It was trading at US$0.007 in January and went on to hit an all-time high of US$0.7381 in May. However, it has lost about 70% of its value and was trading at US$0.1715 at the end of 2021. That notwithstanding, the meme coin has gained massively since the beginning of the year.
Dogecoin followed Bitcoin's bullish run. External factors, especially key opinion leaders (KOL) and influencers contributed significantly to the proliferation of value. For instance, tweets from Elon Musk and Snoop Dog, two of the biggest KOL, impacted the growth of the Doge community. Currently, the crypto coin boasts a massive following on Twitter and Reddit.
So, what is in store for dogecoin? In 2022, it is likely to experience more growth, with institutional adoption and acceptance by retailers. Tesla has mooted accepting DOGE as a payment alternative. Investors like Mark Cuban have invested heavily in Dogecoin, the investor owns Dallas Maverick, which accepts dogecoin for tickets and merchandise. Some of the community members suggest using the meme coins for hot tubs. With increasing user cases, the price of dogecoin is set to skyrocket.
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