Dogecoin saw a significant surge on Sunday, reaching a yearly peak of $0.29, marking a 30% increase and sparking strong bullish sentiment. Investors who entered positions ahead of the US election results are now benefiting from the rally. The prospect of Dogecoin hitting $1 is once again gaining traction, as many traders believe a new bull run is imminent.
The renewed optimism around Dogecoin reaching $1 is linked to Elon Musk’s growing ties with President-elect Donald Trump. According to Reuters, Trump is expected to support Musk’s Mars ambitions and is set to back SpaceX’s space exploration program. Musk also announced that SpaceX will be launching a DOGE-1 mission, funded entirely by Dogecoin.
Could Dogecoin Reach $1?
For Dogecoin to reach $1, it would likely require Musk to persuade the White House to adopt the cryptocurrency for official transactions. Currently, the government remains cautious about blockchain technology, and its potential remains largely unexplored. In the past, Dogecoin’s most significant rally peaked at $0.73, just shy of the $1 mark.
The 2021 rally was largely fueled by Musk's vocal support for the meme coin, and if a similar trend develops in 2024 or 2025, Dogecoin’s path to $1 could become more realistic. The announcement of the DOGE-1 space mission is expected to generate additional interest and could lead more people to learn about and invest in Dogecoin.
This increased attention would likely drive buying pressure, similar to the 2021 rally. As the "Dogecoin to $1" talk intensifies across social media, it is clear that expectations are high. With Bitcoin hitting an all-time high of $81,672 on Sunday, a continued rise in the broader crypto market could provide the momentum needed for Dogecoin to soar even higher.
