The richest man in the world, Elon Muskis back in support of the main meme coin, Dogecoin (DOGE), albeit indirectly. This has raised the possibility that Dogecoin will rally 36,000% just as it did in the Bull Run 2021.
Elon Musk returns to Shilling Dogecoin
Elon Musk is back to shilling Dogecoin, albeit this time in a political way. Musk suggested that the ‘Ministry of Government Efficiency‘ would be the name of the department that Donald Trump wants him to lead if elected. This name led to the acronym ‘DOGE’, which has established a correlation with Dogecoin’s ticker, DOGE.
Whereas Musk’s love for DogecoinThe move is considered deliberate and continues to provide a bullish outlook for the top meme coin as the US elections approach. It’s worth mentioning that Dogecoin’s price is up 31% over the past seven days, mainly thanks to Musk’s continued use of the term ‘DOGE’ in recent appearances.
On October 17, he appeared at a town hall meeting in Pennsylvania, where he again indirectly shut down DOGE. When an audience member asked him about the proposed department, he replied, “Yes, DOGE,” which led to the Dogecoin price increased by more than 15% within 24 hours. DOGE rose above $0.14, the highest price level since the end of July.
Dogecoin was also up over 7% the day before after Musk made a post mentioning how the ‘DOGE’ department would ensure that politicians and bureaucrats do not pose a threat to human progress.
The meme coin may be more responsive to Elon Musk’s mentions of ‘DOGE’ due to the increasing likelihood that the department will emerge. Donald Trump is currently leading the polls and has promised to appoint Musk as head of this department, which will be responsible for overseeing and managing government spending.
Will DOGE collect 36,000% again?
Of Elon Musk shilling Again, Dogecoin, there have been questions about whether DOGE can enjoy a similar 36,000% rally like the one seen during the 2021 bull run. Musk also boosted DOGE during that period, contributing immensely to the meteoric rise of the meme coin to its current all-time high (ATH) of $0.78.
A 36,000% rally for the Dogecoin price is risky this time as it would mean that DOGE could reach $50 in this market cycle. An increase to $50 would give DOGE a market cap of $7.3 trillion, based on the circulating supply of 146.43 billion coins. This is virtually impossible, as the crypto market has a total market capitalization of approximately $2.35 trillion.
However, crypto analysts like Javon Marks still predict that the Dogecoin price could reach double digits this bull run. Crypto analyst Dima James also recently proposed that the meme coin could reach $10.
Featured image created with Dall.E, chart from Tradingview.com