Dogecoin is now a long way from the $0.7 brought by billionaire Elon Musk aggressively promoting what he calls his “favorite” cryptocurrency. However, as the meme coin continues to decline, despite the current bullish sentiment, there is always a chance that Musk will continue his public support for Dogecoin.
Can Elon Musk Rebuild 2021 For Dogecoin?
Elon Musk’s influence on the Dogecoin community and the meme coin price by extension is still very important. Just the fact that Musk has bought Twitter has sent the price of DOGE rally over 150% in a few days. But until now, there have not been many billionaires in terms of cryptocurrency.
However, considering the beginning of 2021 when Musk had religiously posted about Dogecoin, no one could have thought what would happen if he started again. Given the current position of the DOGE price compared to when it was back in 2021 before Musk started posting about it, the price of the meme coin will soon reach an all-time high.
As Bitcoinist reported, the price of DOGE increased by more than 70,000% in 2021 thanks to Musk’s shilling. This took the altcoin from $0.0011 to $0.78 very quickly. From the current price trend, the same pattern will see the price of DOGE quickly break above $5. While another 70,000% rally will make the price above $60.
While $60 may not be realistic at this point, another consistent push from Musk could easily put Dogecoin ahead of the rest of the market. Even if the price of DOGE does not reach the expected price, it will probably see an all-time high if Musk throws his weight around again.
DOGE price trending at $0.089 | Source: DOGEUSD on TradingView.com
Implications For DOGE And Other Money Memes
The implications of this move from Elon Musk are obvious for Dogecoin but will also spread to other meme coins. Shilling Musk from Dogecoin can be said to be the trigger of the meme coin season 2021 which is impressive and can lead to more.
Coins such as Shiba Inu and Baby Doge will easily show up if DOGE will start a rally. This is because investors will flock to other meme coins, believing they missed the train in Dogecoin, but do not want to miss out on others.
Overall, Musk’s support to Dogecoin will not only encourage the meme coin but also for the entire crypto market as it will influence new entrants into the crypto space.