The largest meme coin has been gaining momentum lately, perhaps driven by recent actions by Tesla CEO Elon Musk.
The question is whether DOGE will be able to surge to the coveted $1 level if Musk does indeed play out under Donald Trump’s administration.
Has DOGE reached $1?
As mentioned many times in the past, Musk has played a crucial role in Dogecoin’s popularity and price growth, perhaps thanks to his continued support. Earlier this year, U.S. presidential candidate Donald Trump said Musk would lead a government efficiency agency, simply called DOGE, which made the situation between the two even more interesting.
Tesla’s CEO confirmed the news earlier this week, highlighting the name during a public appearance. This naturally had an immediate impact on DOGE’s price, sending it soaring to new multi-month highs.
DOGE has doubled in the past 24 hours, adding another 8% to its value. As a result, the OG meme token is currently trading near $0.145, its highest price since June.
Thanks to Musk's involvement, optimism has returned in the community, believing that Bitcoin will soon reach the coveted $1 level. However, it is worth noting that despite the billionaire's involvement, the price of the meme coin has fallen sharply in the past. Recall that in a few months in 2021 and 2022, the price of Bitcoin fell from $0.73 to $0.06, a drop of 90%.
Confusion grows
We decided to ask popular AI solution Perplexity what it thinks about the matter. It admitted that Musk’s support for Trump (whose chances of returning to the White House have been climbing recently) could “create a more favorable environment for cryptocurrencies, including Dogecoin.”
Still, the AI chatbot said that it is difficult to predict the future price of memecoins because they are highly speculative, as their valuations are primarily based on “social media buzz, not fundamental utility or adoption.”
“In summary, while Musk’s involvement in government affairs may stimulate interest in Dogecoin and potentially drive its price higher, reaching $1 will require sustained investor enthusiasm and favorable market conditions.” – ChatGPT’s competitor concluded.
