Can Dogecoin (DOGE) Reach $1 If Elon Musk Is Appointed Under Trump Administration?

TL:DR;

The biggest meme coin has been in circulation lately, perhaps fueled by Tesla CEO Elon Musk’s most recent commitment. The question arises whether DOGE could shoot up to the coveted $1 level if Musk actually takes a role under a possible Donald Trump administration.

DOGE to $1?

As mentioned several times in the past, Musk has played a crucial role in the growing adoption of Dogecoin and perhaps its price increases due to his continued support. The landscape surrounding the two became even more interesting earlier this year when US presidential candidate Donald Trump said Musk would lead a government efficiency agency under his administration under the acronym DOGE .

Tesla’s CEO confirmed the news earlier this week, highlighting the name during a public appearance. Naturally, this had an immediate impact on the price of DOGE, as it soared to a new multi-month high.

DOGE has only doubled its gains in the last 24 hours as it has added another 8% in value. As a result, the OG meme coin is now trading near $0.145, which is its highest price since June.

Community optimism has returned that it could reach the coveted $1 level soon due to Musk’s involvement. However, it’s worth noting that the meme’s currency backfired a lot in the past despite the billionaire’s pledges. Remember, it plummeted 90% in months, from $0.73 to $0.06 in 2021 and 2022.

Dogecoin is like Bitcoin of meme coins!

don’t you like Too bad, never mind.$DOGE it goes to $1 pic.twitter.com/mr5tVxFS2c

— CROW (@TheCrowtrades) October 18, 2024

The perplexity weighs

We decided to ask the popular AI solution, Perplexity, about their take on the subject. He admitted that Musk’s support for Trump, whose chances of re-entering the White House have been increasing recently, could “create a more favorable environment for cryptocurrencies, including Dogecoin.”

However, the AI ​​chatbot said that it is difficult to predict a future price for a meme coin due to its highly speculative nature, as its valuation is mainly based on “social media buzz in place of fundamental utility or adoption.”

“In short, while Musk’s involvement in government could catalyze interest in Dogecoin and potentially increase its price, reaching $1 would require sustained investor enthusiasm and favorable market conditions.” – concluded the ChatGPT rival.

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