Elon Musk's influence on Dogecoin prices is actually quite significant. His tweets and public support have historically created price pumps for Dogecoin.¹ For instance, when Musk hinted at integrating Dogecoin into a payment service, the cryptocurrency's price surged to $0.48, its highest value in over a week.² Additionally, Musk's involvement with Dogecoin has added a layer of legitimacy to the cryptocurrency, contributing to its rapid adoption and increasing number of trades.³
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While it's true that Dogecoin's price can be volatile, Musk's influence has undoubtedly played a role in its recent gains. Some analysts even predict that Dogecoin could break its major resistance at $0.5, potentially pushing it to $0.8 soon.⁴ However, it's essential to remember that the cryptocurrency market can be unpredictable, and prices may fluctuate rapidly.