Can Dogecoin (DOGE) Hit $1 If Elon Musk Is Appointed By Trump Administration?

TL:DR;

The biggest meme coin has been on a roll lately, perhaps most recently involving Tesla CEO Elon Musk. If Musk does indeed take a role in Donald Trump's administration, the question arises as to whether DOGE could rise to the required $1 level.

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DOGE to $1?

As mentioned many times in the past, Musk has played an important role in the development of Dogecoin and probably the price will increase due to continuous support. The scene became more interesting earlier this year when US presidential candidate Donald Trump said Musk would lead a government efficiency agency under his administration.

The CEO of Tesla confirmed the news earlier this week, highlighting his name in public. Naturally, this had an immediate impact on the price of DOGE as it reached new multi-month highs.

DOGE has doubled its earnings in the last 24 hours, as it has added another 8% in value. So, the OG meme coin is now trading around $0.145, which is the highest price tag since June.

Due to Musk's involvement, the community's optimism has returned that it may soon reach the desired $1 level. However, it's worth noting that despite the billionaire's involvement in the past, meme coin has bounced back significantly. Note the 90% drop in 2021 and 2022 from $0.73 to $0.06 in months.

Dogecoin is just like meme coins Bitcoin!

Don't you like it? Too bad, you have nothing. $DOGE goes to $1. pic.twitter.com/mr5tVxFS2c

— The CROW (@TheCrowtrades) October 18, 2024

Confusion weighs.

We decided to ask Perplexity about the famous AI solution on the subject. Musk, who is increasingly likely to enter the White House, acknowledged that Trump's support “could create a more favorable environment for cryptocurrencies, including Dogecoin.”

However, the AI ​​chatbot said it is challenging to predict the future price tag for meme coin, due to its highly speculative nature, as the valuation is driven primarily by “social media buzz rather than underlying utility or adoption.”

“In conclusion, while Musk's government involvement may increase interest in Dogecoin and boost its value, reaching $1 will require continued investor enthusiasm and favorable market conditions.” – Concluded the ChatGPT competitor.