Dogecoin is now a great distance from its all-time excessive of $0.7 which was caused by billionaire Elon Musk aggressively selling what he calls his “favourite” cryptocurrency. Nonetheless, because the meme coin continues to pattern low, even with the present bull sentiment, there may be at all times the potential for Musk resuming his very public assist for Dogecoin.
Can Elon Musk Recreate 2021 For Dogecoin?
Elon Musk’s affect on the Dogecoin neighborhood and the value of the meme coin by extension continues to be very outstanding. Simply the truth that Musk had bought Twitter had despatched the value of DOGE rallying over 150% in a matter of days. However up to now, there has not been a lot from the billionaire concerning the cryptocurrency.
Nonetheless, trying again to early 2021 when Musk had been posting religiously about Dogecoin, one can’t assist however surprise what would occur if he began doing that once more. Given the present place of DOGE’s worth in comparison with the place it was again in 2021 earlier than Musk began posting about it, the value of the meme coin would rapidly attain a brand new all-time excessive.
As Bitcoinist reported, the value of DOGE rallied over 70,000% in 2021 because of Musk’s shilling. This took the altcoin from $0.0011 to $0.78 in a short time. Going from the present worth pattern, an identical sample would see the value of DOGE rapidly surpasses $5. Whereas one other 70,000% rally would put the value above $60.
Whereas $60 is probably not practical at this level, one other constant push from Musk can simply put Dogecoin forward of the remainder of the market. Even when the value of DOGE doesn’t attain the anticipated costs, it’s going to undoubtedly be seeing new all-time highs if Musk threw his full weight behind it as soon as extra.
DOGE worth trending at $0.089 | Supply: DOGEUSD on TradingView.com
Implications For DOGE And Different Meme Cash
The implications of such a transfer from Elon Musk are very apparent for Dogecoin however it’s going to additionally spill over to different meme cash. Musk’s shilling of Dogecoin might be rightfully stated to be the set off behind the spectacular 2021 meme coin season and it may set off one other one.
Cash resembling Shiba Inu and Child Doge will simply see an upside if DOGE had been to start rallying. It is because traders will flock to different meme cash, believing they missed the practice on Dogecoin, however not eager to miss out on others.
General, assist from Musk towards Dogecoin won’t solely work out in favor of the meme coin but in addition for the whole crypto market as his affect attracts new members to the crypto house.
