Benzinga | Apr 23, 2021 09:26AM EDT

What Will It Take For Dogecoin To Hit $1? Jeff Bezos Backing And Less Than 24 Hours, Says YouTuber

Dogecoin (DOGE) could skyrocket to a record price of $1 "in less than 24 hours" if the meme cryptocurrency has the backing of Amazon.com Inc. (NASDAQ:AMZN) founder Jeff Bezos, a bullish YouTuber has claimed.

What Happened Crypto-analyst YouTube channel 'Self Made' told The Daily Express that Bezos' approval of Dogecoin could take the cryptocurrency to unimaginable heights in the long run.

"There is speculation that Jeff Bezos might be coming to the scene as a second-lead. The adoption from someone like Bezos can set Dogecoin to $1 in less than 24 hours," the analyst was quoted by the Daily Express as saying.

The approval by Bezos would show Dogecoin is supported by the two richest men in the world and is something that is "only seen once-in-a-lifetime," the financial expert noted.

Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk often tweets about Dogecoin and these tweets sometimes have an overwhelming impact on the price of the joke cryptocurrency.

See Also: Dogecoin Creator Says Meme Coin's Development Has Kept Pace With Bitcoin

Why It Matters: More companies have now begun accepting Dogecoin as a payment option. Amazon, which has thus far shied away from using cryptocurrencies as a payment option, is under pressure to rethink its stance.

Petitions posted on Change.org are seeking to get Amazon to accept Dogecoin for payments. One petition so far has more than 162,600 signatures.

It was reported in February that Amazon was preparing to launch a "digital currency" project, beginning with Mexico, based on the company's job listings.

Dogecoin has rallied over the past week and hit an all-time high of $0.4377 last Friday, lifted by the social media buzz around the cryptocurrency. Dogecoin has now emerged as retail investors' darling.

Dogecoin fans on social media were gunning for the joke cryptocurrency to hit 69 cents on "Doge Day," April 20. However, the day turned out to be a damp squib as the Shiba Inu-themed cryptocurrency failed to soar to the levels envisaged by the Doge Army.

The altcoin has lost 25.6% during the past 24 hours and is trading at $0.2115 at press time.

See also: How to Buy Dogecoin (DOGE)

Price Action Amazon.com shares closed almost 1.6% lower on Thursday at $3,309.04,

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