richest man in the world, Elon Muskreturned to support the first meme, Dogecoin (DOGE), albeit indirectly. This increased the potential for Dogecoin to rise by 36,000%, just as it did in Bull Racing 2021.
Elon Musk is back in Dogecoin
Elon Musk has returned to the shilling Dogecoin, but this time in a political way. Musk suggested that “Government Efficiency Department“is the name of the department that Donald Trump wants to head if elected. This name led to the abbreviation “DOGE”, which led to an association with the Dogecoin ticker, DOGE.
By looking Musk’s passion for DogecoinThe move was considered deliberate and continues to provide a bullish outlook for the first meme coin as the US election approaches. It is worth noting that the price of Dogecoin has risen by 31% in the past seven days, mainly due to Musk’s constant use of the term “DOGE” in his recent appearances.
On October 17, he appeared at a Pennsylvania City Council meeting where he again indirectly mocked DOGE. When an audience member asked him about the proposed oath, he replied, “Yes, DOGE,” which led to Dogecoin price Up 15% in 24 hours DOGE rose above $0.14 in the process, its highest price level since late July.
Dogecoin also rose the previous day by more than 7% after Musk made a post in which he mentioned how the “DOGE” department will ensure that politicians and bureaucrats do not pose a threat to human progress.
The meme will likely react more to Elon Musk’s references to “DOGE” due to the increased likelihood of the department coming into existence. Donald Trump He is currently leading in the polls, and has promised to appoint Musk to head this department, which will be responsible for overseeing and managing government spending.
Will DOGE rise 36,000% again?
with Elon Musk shilling Again, there were questions as to whether DOGE could enjoy a similar 36,000% rally like the one that occurred during the 2021 bull market. Musk also provided support for DOGE during that period and contributed greatly to the meme coin’s rapid rise to its highest level. At All (ATH) at $0.78.
The 36,000% price rise of Dogecoin is risky this time because it means DOGE could reach $50 in this market cycle. A rise to $50 would give DOGE a market cap of $7.3 trillion based on a circulating supply of 146.43 billion coins. This is almost impossible, considering that Crypto market The total market capitalization is about $2.35 trillion.
However, cryptocurrency analysts like Javon Marks are still predicting that Dogecoin’s price could reach double digits in the year. That’s bull run. Cryptographic analyzer As Dima James recently suggested The meme coin can reach $10.
Featured image created with Dall.E, chart from Tradingview.com