Elon Musk, widely recognized as the world’s richest man, has once again shown support for Dogecoin (DOGE), the leading meme cryptocurrency. His indirect endorsement has reignited discussions about the possibility of Dogecoin experiencing a significant rally, reminiscent of the 36,000% surge witnessed during the 2021 bull run.
Elon Musk’s Political Twist: Shilling Dogecoin Through ‘D.O.G.E’
In a surprising political twist, Elon Musk has found a way to promote Dogecoin. He has suggested that the proposed ‘Department of Government Efficiency’ be abbreviated as ‘D.O.G.E.’ This clever play on words has drawn a direct correlation to Dogecoin’s ticker symbol, DOGE, and has fueled positive sentiment around the meme coin as the US elections approach.
Musk’s affinity for Dogecoin is well-known, and this latest move is seen as a deliberate strategy to boost its profile. Over the past week, Dogecoin’s price has soared by 31%, primarily due to Musk’s repeated use of the ‘D.O.G.E’ term in various public appearances.
On October 17, during a town hall meeting in Pennsylvania, Musk once again indirectly endorsed DOGE. When questioned about the proposed department, he responded with, “Yeah, D.O.G.E,” which triggered a 15% increase in Dogecoin’s price within 24 hours. This surge propelled DOGE above $0.14, marking its highest level since late July.
The previous day, Dogecoin had already rallied by over 7% following Musk’s social media post, where he mentioned that the ‘D.O.G.E’ department would work to prevent politicians and bureaucrats from hindering human progress. The growing speculation about this department’s potential reality, especially with Donald Trump leading the polls, further bolsters Dogecoin’s bullish sentiment.
Assessing the Possibility of Another 36,000% DOGE Rally
With Elon Musk once again championing Dogecoin, the question arises: can DOGE replicate the 36,000% rally it experienced during the 2021 bull run? Notably, Musk’s influence was pivotal during that period, catapulting Dogecoin to its all-time high (ATH) of $0.78.
While a 36,000% rally might seem far-fetched now, as it would push DOGE to an astronomical $50 per coin, giving it a market cap of $7.3 trillion, there are still optimistic predictions. This figure is nearly unattainable given the current total market cap of the entire cryptocurrency market, which hovers around $2.35 trillion.
Nevertheless, some crypto analysts maintain a bullish outlook for Dogecoin. Javon Marks, a well-regarded crypto analyst, suggests that Dogecoin could still achieve double-digit prices in this bull run. Similarly, Dima James, another analyst, has forecasted that the meme coin might reach $10.
As the world watches Elon Musk’s continued engagement with Dogecoin, the potential for market shifts and investor enthusiasm remains high. Whether or not Dogecoin can repeat its past success is uncertain, but Musk’s influence undoubtedly adds an intriguing dynamic to the cryptocurrency landscape.
