The biggest meme coin has been on a tear lately, perhaps fueled by Tesla CEO Elon Musk’s latest involvement. The question is whether DOGE could skyrocket to the coveted $1 level if Musk were to actually take on a role in a potential Donald Trump administration.
DOGE Hit $1?
As has been mentioned many times in the past, Musk has played a major role in increasing Dogecoin adoption and perhaps its price due to his continued support. The context around the two became more interesting earlier this year when US presidential candidate Donald Trump said Musk would head an effective government agency under him with the acronym DOGE.
The Tesla CEO confirmed the news earlier this week, mentioning the name in a public appearance. Naturally, this had an immediate impact on the price of DOGE, as it surged to a new multi-month high. DOGE has doubled its gains in the past 24 hours, adding 8% to its value. As a result, the OG meme coin is now trading near $0.145, its highest price since June.
Community optimism has returned that it could soon hit the coveted $1 mark due to Musk’s involvement. However, it is worth noting that the meme coin has fallen sharply in the past despite the billionaire’s involvement. Remember, it plummeted 90% in a matter of months from $0.73 to $0.06 in 2021 and 2022.
Confusion of Consideration
We decided to ask popular AI solution Perplexity for their thoughts on the matter. They admitted that Musk's support for Trump, whose chances of winning the White House have been increasing recently, could "create a more favorable environment for cryptocurrencies, including Dogecoin."
However, the AI chatbot said it is difficult to predict the future price of a meme coin due to its highly speculative nature, as its valuation is largely driven by “social media virality rather than fundamental utility or adoption.”
“In short, while Musk’s government involvement could spur interest in Dogecoin and potentially push its price up, reaching $1 will require continued investor enthusiasm and favorable market conditions,” ChatGPT’s competitor concluded.
