Gene Simmons is known for his music, his cryptocurrency knowledge and backing. Now, the rock star is happy to engage in the speculation around dogecoin and push its value upward.
This is the kind of speculation that may soon turn out successful. Yet, Simmons is showing good investor acumen and making sure to back XRP as well, and try to see if the value of his preferred crypto tokens would go up.
After all, if Elon Musk can tweet about doge and send it soaring, why shouldn't Simmons do the same, right? Well, doge has been growing steadily, with the doge price both tumbling by 40% and then again surging up by another 43% according to Yahoo! Finance.
A Speculation Game
How realistic is an investment in doge? This may be outside of Simmons’ powers moving forward, as the onus is now on WallStreetBets, a sub-forum in the popular social platform Reddit, which drove the GameStop frenzy and cost hedge funds 55% of their capital within days.
Reddit is pushing for doge and this is a good thing, but the bullishness of the investment may be misplaced. After all, doge is just a meme token and its value seems to be once again swayed easily by public opinion.
Doge, though, has found many spot-on uses over the past years. It has been one of the go-to cryptocurrencies for many casino sites, as well, including FortuneJack, 1xBit and BitStarz, to name just a few.