Dogecoin price: Why is dogecoin value going up? Analyst warns investors over 'steep drop'

"Cryptocurrencies have been getting enormous PR due to the astronomical rise in Bitcoin, and people are already thinking about the next big crypto mover," said ADL Estate Planning's Mohammed Uz-Zaman.

He told "Couple that with Elon Musk’s tweets about dogecoin, it’s only going to attract further interest considering his influencer status.

Asked whether he anticipates a rise in dogecoin, he added: "Probably but for how long, who knows?

"Whether investors will see a steep drop at some point, wouldn’t be surprising either.

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