Dogecoin is now a great distance from its all-time excessive of $0.7 which was caused by billionaire Elon Musk aggressively selling what he calls his “favourite” cryptocurrency. Nevertheless, because the meme coin continues to pattern low, even with the present bull sentiment, there’s at all times the potential for Musk resuming his very public help for Dogecoin.
Can Elon Musk Recreate 2021 For Dogecoin?
Elon Musk’s affect on the Dogecoin neighborhood and the worth of the meme coin by extension continues to be very distinguished. Simply the truth that Musk had bought Twitter had despatched the worth of DOGE rallying over 150% in a matter of days. However to this point, there has not been a lot from the billionaire concerning the cryptocurrency.
Nevertheless, wanting again to early 2021 when Musk had been posting religiously about Dogecoin, one can’t assist however marvel what would occur if he began doing that once more. Given the present place of DOGE’s worth in comparison with the place it was again in 2021 earlier than Musk began posting about it, the worth of the meme coin would rapidly attain a brand new all-time excessive.
As Bitcoinist reported, the worth of DOGE rallied over 70,000% in 2021 as a consequence of Musk’s shilling. This took the altcoin from $0.0011 to $0.78 in a short time. Going from the present worth pattern, an analogous sample would see the worth of DOGE rapidly surpasses $5. Whereas one other 70,000% rally would put the worth above $60.
Whereas $60 is probably not reasonable at this level, one other constant push from Musk can simply put Dogecoin forward of the remainder of the market. Even when the worth of DOGE doesn’t attain the anticipated costs, it’ll positively be seeing new all-time highs if Musk threw his full weight behind it as soon as extra.
DOGE worth trending at $0.089 | Supply: DOGEUSD on TradingView.com
Implications For DOGE And Different Meme Cash
The implications of such a transfer from Elon Musk are very apparent for Dogecoin however it’ll additionally spill over to different meme cash. Musk’s shilling of Dogecoin will be rightfully stated to be the set off behind the spectacular 2021 meme coin season and it may set off one other one.
Cash resembling Shiba Inu and Child Doge will simply see an upside if DOGE had been to start rallying. It’s because traders will flock to different meme cash, believing they missed the prepare on Dogecoin, however not desirous to miss out on others.
Total, help from Musk towards Dogecoin is not going to solely work out in favor of the meme coin but in addition for the whole crypto market as his affect attracts new members to the crypto area.
