• Elon Musk’s influence on Dogecoin continues to be very prominent.
• If Elon Musk resumed his public support for Dogecoin, the price of the meme coin could quickly reach a new all-time high.
• If Musk threw his full weight behind the cryptocurrency, it could easily put the altcoin ahead of the rest of the market.
The influence of billionaire Elon Musk on the Dogecoin community and the price of the meme coin by extension is still deeply felt. Early 2021 saw the price of DOGE rally over 70,000%, from $0.0011 to $0.78, due to Musk’s shilling. Recently, the price of DOGE has been trending low, but there is always the possibility of Musk resuming his very public support for Dogecoin.
If Musk were to resume his public support for the cryptocurrency, the price of Dogecoin could quickly reach a new all-time high. This is due to the fact that Musk’s influence had taken the altcoin from $0.0011 to $0.78 within a matter of days. Going from the current price trend, a similar pattern could see the price of DOGE quickly surpass $5 and perhaps even reach as high as $60.
While a price of $60 may be unlikely at this point, another consistent push from Musk could easily put Dogecoin ahead of the rest of the market. Even if the price of the meme coin does not reach these expectations, it can still be expected to reach a new all-time high with the help of Musk.
The impact of Elon Musk’s influence on Dogecoin has been immense and it will be interesting to see if he will resume his public support for Dogecoin. If so, the price of the meme coin could reach unprecedented heights and put the altcoin ahead of the rest of the market.