Can Dogecoin (DOGE) Hit $1 if Elon Musk Is Appointed Under Trump's Administration?

TL:DR;

The biggest meme coin has been on a roll currently, maybe fueled by the latest engagement by Tesla’s CEO, Elon Musk.
The query arises whether or not DOGE may skyrocket to the coveted $1 stage if Musk certainly takes a task beneath a possible Donald Trump administration.

DOGE to $1?

As talked about a number of instances previously, Musk has performed a vital function in Dogecoin’s rising adoption and maybe its value will increase because of his steady assist. The panorama across the two grew to become much more fascinating earlier this 12 months when US presidential candidate Donald Trump said Musk would head a authorities effectivity company beneath his administration with the acronym D.O.G.E.

The Tesla CEO confirmed the information earlier this week, highlighting the identify throughout a public look. Naturally, this had a direct influence on DOGE’s value because it skyrocketed to a brand new multi-month peak.

DOGE has solely doubled down on its good points previously 24 hours, because it has added one other 8% of worth. Consequently, the OG meme coin now trades near $0.145, which is its highest price ticket since June.

The neighborhood’s optimism has returned that it may attain the coveted $1 stage quickly because of Musk’s involvement. Nonetheless, it’s value noting that the meme coin retraced closely previously regardless of engagements by the billionaire. Recall that it plummeted by 90% inside months from $0.73 to $0.06 again in 2021 and 2022.

Dogecoin is like Bitcoin of the meme cash!

You don’t prefer it? Too dangerous, you don’t matter.$DOGE goes to $1. pic.twitter.com/mr5tVxFS2c

— CROW (@TheCrowtrades) October 18, 2024

Perplexity Weighs In

We determined to ask the favored AI resolution, Perplexity, about its tackle the matter. It admitted that Musk’s assist for Trump, whose probabilities to reenter the White Home have been climbing lately, may “create a extra favorable atmosphere for cryptocurrencies, together with Dogecoin.”

Nonetheless, the AI chatbot stated it’s difficult to foretell a future price ticket for a meme coin due to its extremely speculative nature, as its valuation is primarily pushed by “social media buzz reasonably than elementary utility or adoption.”

“In abstract, whereas Musk’s involvement in authorities may catalyze curiosity in Dogecoin and doubtlessly drive its value up, reaching $1 would require sustained investor enthusiasm and favorable market circumstances.” – concluded the ChatGPT rival.

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