Meanwhile, chances suggest that bitcoin, the world's largest cryptocurrency by market capitalization, is more likely to fall to $10,000 this year than to cross $100,000.

According to Unikrn data compiled for Financial News on 4 May, Bitcoin has a 20% probability of reaching $100,000 in 2021, but a 27% chance of dropping to $10,000 or lower.

As other cryptocurrencies such as dogecoin and ether gain prominence, the cryptocurrency's fortunes are fading. Bitcoin's chances of hitting $100,000 were 36 percent two months ago.

Dogecoin's attraction, according to Professor Carol Alexander, a finance lecturer at the University of Sussex, is its "potential for big returns, which can't be found anywhere at the moment."

Dogecoin gives traders the ability to purchase entire coins for small amounts due to its low valuation in comparison to bitcoin, which was hovering about $56,000 on 4 May. However, it has a high chance of losing all of its value quickly due to its extreme volatility.

Alexander expressed her hope that dogecoin returns to its roots as a means of goodwill, noting that the cryptocurrency's two owners had already used it to fundraise for charitable causes.

Musk has only seen Dogecoin as a game since taking over as CEO in 2017,” she said. “If he wants dogecoin to have some economic value at all, he must return it to its benign roots.”