🤔 Dogecoin Price Hits $0.1, Will Elon Musk’s Backing Push DOGE To $1?
Dogecoin price surged over 10% to cross the brief $0.1 mark, fueled by Elon Musk's backing and other market trends, sparking speculation about a potential rally to $1.
Dogecoin price has surged more than 10% today, crossing the brief $0.1 mark, fueling market interest. Recently, the backing from the tech mogul Elon Musk has sparked market optimism towards the leading dog-themed meme coin. In addition, the Dogecoin lawsuit update has also gained notable attention from market participants, raising bets over a potential rally to $1 in the coming days.
🔸 Why Is #Dogecoin Price Rising Today?
The recent surge in DOGE price has sparked discussions in the crypto market over the potential reasons behind the recent rally. Here we explore some of the top reasons that might have helped gains in the meme coin.
🔸 Elon Musk’s Dogecoin Lawsuit Win Sparks Market Optimism
Recently, Tesla CEO Elon Musk has secured the dismissal of a federal lawsuit accusing him and Tesla of manipulating the Dogecoin price for personal gain. The Dogecoin lawsuit, filed in Manhattan federal court, alleged insider trading and publicity stunts to inflate the crypto’s price by 36,000%.
However, the recent dismissal, issued by US District Judge Alvin Hellerstein, comes after investors failed to substantiate their claims across five versions of the lawsuit. The news may be contributing to DOGE’s recent price surge, as the crypto market reacts to the removal of legal uncertainty surrounding Musk’s involvement.
🔸 Elon Musk’s Recent Backing Of DOGE
Elon Musk has been actively backing the top meme coin recently, fueling market speculations. In a recent X post, the Tesla CEO said that he would like to add Dogecoin as a payment option for Tesla merchandise. This comment has fueled discussions about whether the company would also start accepting #DOGE as a viable payment option for its vehicles.
