Dogecoin News Falls Flat During Recent Bullrun, Has Elon Musk Abandoned The Popular Meme Coin?

2021 was the year of Dogecoin as it reached its highest-ever peak of $0.70, thanks to its DOGE community fueled by its meme-inspired origins and boosted by the Twitter mogul Elon Musk. However, during the recent bull run in cryptocurrency, Dogecoin news failed to spark, and the same hype and excitement of yester years fizzled out as Elon Musk found new friends in Floki and AI. Many enthusiasts wonder whether the popular meme coin has lost its shine and if Elon Musk, one of its most vocal supporters, has abandoned it. Let’s Explore what attracted Elon Musk to AI.

Elon Musk on AI

Elon Musk, the renowned entrepreneur, inventor, and CEO of companies such as SpaceX and Tesla, has been a vocal advocate for AI technology. In his various interviews and public speeches, he has emphasized AI’s importance in shaping humanity’s future. He has highlighted both the potential benefits and potential risks of AI technology if left unchecked.

AI Crypto: Avorak AI

Musk believes that the development of AI technology is inevitable as it enhances efficiency and reliability. Avorak AI is deploying easy-to-use AI tools that are packaged into one bundle but serve diverse needs. Avorak writing assistant generates plagiarism-free content in the style input by the user. Avorak Write strives to improve the shortfalls of existing tools that churn out repetitive text.

Avorak AI is showing good prospects, yet it’s still in phase three of its ICO, making waves in the crypto space. With a price increase of 141.67% from its initial value, investors can now acquire the AVRK token at $0.145 and enjoy bonuses of 8%. On launch, the AVRK price would have risen by 350%. Avorak AI will be listed on the Azbit exchange.

Crypto traders can utilize the Avorak Trade bot to predict crypto prices and accurately analyze the market.

Is Dogecoin a Good Investment?

Like any other meme coin, Dogecoin is highly volatile and subject to significant price fluctuations. While it has gained massive popularity among its enthusiasts, it lacks utility cases, and its value is not backed by any tangible asset, making it a speculative project.

The value of Dogecoin can be influenced by a range of factors, including market sentiment, adoption rates, regulatory changes, and technological developments. As such, Dogecoin investment comes with heightened risks compared to traditional investments. Investors should prepare to face significant price swings, and a decision to invest in it should consider these factors and investors’ risk tolerance and investment goals.

Will Dogecoin Go Back Up?

Since its inception in 2013, Dogecoin has yet to add actual use cases to its platform. This could be attributed to its origins as a joke. Dogecoin owes its survival to its community hype and support. Like any other asset, the value of Dogecoin is subject to market forces and can be influenced by various factors, including adoption rates, technological developments, regulatory changes, and market sentiment. While Dogecoin experienced significant price movements in the past, it is paramount to note that past performance does not guarantee future performance, especially for a token with no intrinsic value. If anything, its lackluster performance during the recent market surge says a lot about its future.

Will Dogecoin Reach $1?

In its 10-year history, Dogecoin has never reached $1. It is essential to note that Dogecoin was initially created as a lighthearted joke, and its value is not backed by any tangible asset. While it has gained massive popularity and has been endorsed by high-profile figures such as Elon Musk, it remains a speculative investment subject to significant risks and volatility.

With the Elon Musk factor out of the way, Dogecoin may never reach $1 unless Elon Musk makes an about-turn and announces major Dogecoin news.

Conclusion

Elon Musk’s announcement that AI is the future waters his earlier stance on DOGE and reflects his strong belief in the potential of this technology to shape the future of humanity, and Avorak AI fits the bill.