Elon Musk, the wealthiest individual globally, is once again promoting Dogecoin (DOGE), albeit in an indirect manner. This has sparked discussions around the potential for Dogecoin to experience a staggering increase of 36,000%, similar to its surge during the 2021 market boom.<\/p>\n
This time, Musk\u2019s promotion of Dogecoin comes with a political twist. He suggested naming a potential department he could lead under a future Donald Trump administration as the \u2018Department of Government Efficiency.\u2019 The acronym \u2018D.O.G.E\u2019 has drawn parallels to Dogecoin\u2019s symbol, DOGE.<\/p>\n
Given Musk\u2019s known affection for Dogecoin, many view this action as intentional, boosting optimism for the meme coin as the U.S. elections approach. Notably, Dogecoin\u2019s price has risen by 31% over the past week, primarily driven by Musk\u2019s repeated use of the term \u2018D.O.G.E\u2019 during recent events.<\/p>\n
During a town hall gathering in Pennsylvania on October 17, Musk once again referenced DOGE indirectly. When prompted by an audience member regarding the proposed department, he responded, \u201cYeah, D.O.G.E,\u201d causing Dogecoin\u2019s price to jump over 15% within 24 hours. This surge pushed DOGE above $0.14, marking its highest value since late July.<\/p>\n
The day before, Dogecoin also saw an increase of over 7% following Musk\u2019s remarks about the proposed \u2018D.O.G.E\u2019 department, which would ensure politicians and bureaucrats do not hinder societal progress. <\/p>\n
It seems Dogecoin\u2019s response is heightened by the potential reality of this department being established, especially with Donald Trump leading in the polls and proposing Musk as its head, responsible for overseeing government expenditures.<\/p>\n
With Musk actively supporting Dogecoin again, speculation arises about whether DOGE could achieve a similar 36,000% increase like during the 2021 market surge. Musk\u2019s endorsements at that time significantly contributed to Dogecoin reaching its peak value of $0.78.<\/p>\n
However, a 36,000% increase in Dogecoin\u2019s price this time would imply a rise to $50, resulting in a market capitalization of $7.3 trillion based on its current supply of 146.43 billion coins. This scenario appears far-fetched, considering the entire cryptocurrency market\u2019s value stands at approximately $2.35 trillion.<\/p>\n
Nevertheless, some crypto analysts, including Javon Marks, anticipate that Dogecoin could achieve double-digit prices during this market cycle. Analyst Dima James has even suggested that the meme coin might reach $10.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Elon Musk, the wealthiest individual globally, is once again promoting Dogecoin (DOGE), albeit in an indirect manner. This has sparked discussions around the potential for Dogecoin to experience a staggering increase of 36,000%, similar to its surge during the 2021 market boom. Musk\u2019s Indirect Support for Dogecoin This time, Musk\u2019s promotion of Dogecoin comes with […]<\/p>\n","protected":false},"author":1,"featured_media":21152,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Elon Musk Revives Dogecoin Hype: Can We Expect a 36,000% Surge Again? - Bitrabo","description":"Elon Musk, the wealthiest individual globally, is once again promoting Dogecoin (DOGE), albeit in an indirect manner. This has sparked discussions around the po"},"footnotes":""},"categories":[316],"tags":[4790,9600,461,985,4741,986,518,9599],"class_list":["post-21151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-4790","tag-9600","tag-dogecoin","tag-elon","tag-elon-musk","tag-musk","tag-rally","tag-shilling"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/21151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=21151"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/21151\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/21152"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=21151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=21151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=21151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}