Can Dogecoin (DOGE) Hit $1 if Elon Musk Is Appointed Under Trump’s Administration?

TL:DR;

The largest meme coin has been on a roll lately, perhaps fueled by the most recent engagement by Tesla’s CEO, Elon Musk.
The question arises whether DOGE could skyrocket to the coveted $1 level if Musk indeed takes a role under a potential Donald Trump administration.

DOGE to $1?

As mentioned multiple times in the past, Musk has played a crucial role in Dogecoin’s rising adoption and perhaps its price increases due to his continuous support. The landscape around the two became even more interesting earlier this year when US presidential candidate Donald Trump said Musk would head a government efficiency agency under his administration with the acronym D.O.G.E.

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

DOGE has only doubled down on its gains in the past 24 hours, as it has added another 8% of value. Consequently, the OG meme coin now trades close to $0.145, which is its highest price tag since June.

The community’s 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 coin retraced heavily in the past despite engagements by the billionaire. Recall that it plummeted by 90% within months from $0.73 to $0.06 back in 2021 and 2022.

Dogecoin is like Bitcoin of the meme coins!

You don’t like it? Too bad, you don’t matter.$DOGE is going to $1. pic.twitter.com/mr5tVxFS2c

— CROW (@TheCrowtrades) October 18, 2024

Perplexity Weighs In

We decided to ask the popular AI solution, Perplexity, about its take on the matter. It admitted that Musk’s support for Trump, whose chances to reenter the White House have been climbing recently, could “create a more favorable environment for cryptocurrencies, including Dogecoin.”

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

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