Musk’s influence remains strong

Meanwhile, it is impossible not to mention Elon Musk when discussing Dogecoin. The billionaire publicly supported Dogecoin earlier this year, calling it “the people’s cryptocurrency,” which caused its price to surge significantly.

It can be observed that on several occasions, whenever Musk publicly expressed his support for the cryptocurrency, the price of Dogecoin surged by more than 50% in a short period of time. Therefore, it is clear how much power he has in influencing the price of the coin.

Dogecoin’s large user base, coupled with Musk’s support, has enabled the coin to regularly compete with significant altcoins. This puts Dogecoin in a compelling position, where it is somewhere between a meme and a solid cryptocurrency with lasting prospects.