It would be a fair statement if one says that the single biggest reason behind the rise of Dogecoin (DOGE) lies in the statements from Tesla founder Elon Musk earlier on this year.
Dogecoin had originally been created as a joke by its developers but then it burst into life this year as investors piled into it. Recently, Dogecoin rallied once again after Musk stated that he is currently working with the development team at Doge in order to improve the efficiency of transactions.
The involvement of Musk sent the price of Dogecoin soaring again and it is now going to be interesting to see if the token can continue to hold on to its gains. It is necessary to note that prior to this statement from Musk, Dogecoin had corrected sharply. Earlier, Musk had expressed his discomfort with regards to the environmental dangers caused by Bitcoin, and that had adversely affected the price of the world’s biggest cryptocurrency.