The world’s richest man, Elon Musk, is back to support the foremost meme coin, Dogecoin (DOGE), although not directly. This has raised the potential for Dogecoin rallying 36,000%, identical to it did within the 2021 bull run.
Elon Musk Is Back To Shilling Dogecoin
Elon Musk is back to shilling Dogecoin, although this time in a political way. Musk proposed that the ‘Department of Government Efficiency’ be the name of the department that Donald Trump wants him to go if elected. This name led to the acronym ‘D.O.G.E’, which has caused a correlation with Dogecoin’s ticker, DOGE.
Considering Musk’s fondness for Dogecoin, this move has been considered deliberate and continues to supply a bullish outlook for the foremost meme coin because the US elections draw closer. It’s price mentioning that the Dogecoin price has rallied by 31% within the last seven days, mainly due to Musk’s continuous use of the ‘D.O.G.E’ term in recent appearances.
On October 17, he made an appearance at a Pennsylvania town hall meeting where he again not directly shilled DOGE. When asked by an audience member concerning the proposed department, he replied, “Yeah, D.O.G.E,” resulting in the Dogecoin price surging by over 15% in 24 hours. DOGE rose above $0.14 in the method, its highest price level since late July.
Dogecoin had also rallied yesterday by over 7% after Musk made a post wherein he mentioned how the ‘D.O.G.E’ department was going to be sure that politicians and bureaucrats don’t pose a threat to human progress.
The meme coin is possibly reacting more to Elon Musk’s mentions of ‘D.O.G.E’ due to increasing likelihood that the department will come into existence. Donald Trump is currently leading the polls and has promised to appoint Musk to go this department, which will probably be accountable for overseeing and managing government spending.
Will DOGE Rally 36,000% Again?
With Elon Musk shilling Dogecoin again, there have been questions on whether DOGE can enjoy the same 36,000% rally just like the one through the 2021 bull run. Musk also gave a plug to DOGE during that period and massively contributed to the meme coin’s meteoric rise to its current all-time high (ATH) of $0.78.
A 36,000% rally for the Dogecoin price is dicey this time around as it will mean that DOGE could reach $50 on this market cycle. An increase to $50 would give DOGE a market cap of $7.3 trillion based on its circulating supply of 146.43 billion coins. This is nearly not possible, considering that the crypto market has a complete market cap of around $2.35 trillion.
Nonetheless, crypto analysts like Javon Marks still predict that the Dogecoin price could hit double digits in this bull run. Crypto analyst Dima James also recently suggested that the meme coin could reach $10.
Featured image created with Dall.E, chart from Tradingview.com