The richest man in the world, Elon Muskis back to support the leading meme coin, Dogecoin (DOGE), albeit indirectly. This increased the probability of Dogecoin collecting 36,000%, just as it did in 2021 bull run.
Elon Musk Is Back To Shilling Dogecoin
Elon Musk has returned to the Dogecoin shilling, although this time in a political way. Musk suggested that ‘Department of Good Government Performance‘ was the name of the department that Donald Trump wants to lead if he is elected. This term led to the acronym ‘DOGE’, which brought association with Dogecoin’s ticker, DOGE.
If you consider Musk’s passion for Dogecointhis move was considered a deliberate move and continues to provide a bullish outlook for the leading meme currency as the US election approaches. It is worth mentioning that the price of Dogecoin has increased by 31% in the last seven days, mainly due to Musk’s continued use of the word ‘DOGE’ in recent appearances.
On October 17, he appeared at a Pennsylvania town hall meeting where he once again unceremoniously dismissed the DOGE. When asked by an audience member about the proposed department, he replied, “Yes, DOGE,” leading to Dogecoin price increased more than 15% in 24 hours. DOGE rose above $0.14 in the process, its highest price level since late July.
Dogecoin rallied the previous day by more than 7% after Musk made a post where he mentioned how the ‘DOGE’ department will ensure that politicians and bureaucrats do not pose a threat to human progress.
The meme coin is probably reacting more to Elon Musk’s mention of ‘DOGE’ due to the increasing likelihood that the door will exist. Donald Trump he is currently leading the polls and has promised to appoint Musk to run this department, which will be responsible for overseeing and managing government spending.
Is DOGE Rally 36,000% Again?
With Elon Musk shilling Dogecoin as well, there have been questions about whether DOGE can enjoy the same 36,000% rally as in the 2021 bull run. Musk also gave a plug to DOGE at the time and was instrumental in the coin’s meteoric rise to its current (ATH) $0.78.
The 36,000% rally of Dogecoin’s price is a dicey one this time as it would mean that DOGE could reach $50 in this market cycle. A rise to $50 would give DOGE a market cap of $7.3 trillion based on its circulating supply of 146.43 billion coins. This is almost impossible, considering that the crypto market it has an estimated market capitalization of $2.35 trillion.
However, crypto analysts such as Javon Marks still predict that Dogecoin’s price could hit double digits this bull is running. Crypto analyst Dima James also recently proposed that the meme coin can reach $10.
The featured image was created with Dall.E, a chart from Tradingview.com
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