The world’s richest man, Elon Musk, is back to support the foremost meme coin, Dogecoin (DOGE), although indirectly. This has raised the possibility of Dogecoin rallying 36,000%, just like it did in the 2021 bull run.
Elon Musk Is Back To Shilling Dogecoin
Elon Musk is back to shilling Dogecoin, although this time in a political way. Musk proposed that the ‘Department of Government Efficiency’ be the name of the department that Donald Trump wants him to head if elected. This name led to the acronym ‘D.O.G.E’, which has brought about a correlation with Dogecoin’s ticker, DOGE.
Considering Musk’s fondness for Dogecoin, this move has been considered deliberate and continues to provide a bullish outlook for the foremost meme coin as the US elections draw closer. It is worth mentioning that the Dogecoin price has rallied by 31% in the last seven days, mainly thanks to Musk’s continuous use of the ‘D.O.G.E’ term in recent appearances.
On October 17, he made an appearance at a Pennsylvania town hall meeting where he again indirectly shilled DOGE. When asked by an audience member about the proposed department, he replied, “Yeah, D.O.G.E,” leading to the Dogecoin price surging by over 15% in 24 hours. DOGE rose above $0.14 in the process, its highest price level since late July.
Dogecoin had also rallied the previous day by over 7% after Musk made a post in which he mentioned how the ‘D.O.G.E’ department was going to ensure that politicians and bureaucrats do not pose a threat to human progress.
The meme coin is possibly reacting more to Elon Musk’s mentions of ‘D.O.G.E’ because of the increasing likelihood that the department will come into existence. Donald Trump is currently leading the polls and has promised to appoint Musk to head this department, which will be responsible for overseeing and managing government spending.
Will DOGE Rally 36,000% Again?
With Elon Musk shilling Dogecoin again, there have been questions about whether DOGE can enjoy a similar 36,000% rally like the one during the 2021 bull run. Musk also gave a plug to DOGE during that period and massively contributed to the meme coin’s meteoric rise to its current all-time high (ATH) of $0.78.
A 36,000% rally for the Dogecoin price is dicey this time around as it would mean that DOGE could reach $50 in this market cycle. A rise to $50 would give DOGE a market cap of $7.3 trillion based on its circulating supply of 146.43 billion coins. This is almost impossible, considering that the crypto market has a total market cap of around $2.35 trillion.
However, crypto analysts like Javon Marks still predict that the Dogecoin price could hit double digits in this bull run. Crypto analyst Dima James also recently suggested that the meme coin could reach $10.
Featured image created with Dall.E, chart from Tradingview.com
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