– Elon Musk’s influence on the Dogecoin community and the price of the meme coin is still very prominent.
– If Musk were to start promoting Dogecoin again, the price would quickly reach a new all-time high.
– A 70,000% rally from Musk’s shilling in 2021 took the altcoin from $0.0011 to $0.78, and another consistent push from Musk could easily put Dogecoin ahead of the rest of the market.
The influence of Elon Musk on the Dogecoin community and the price of the meme coin is undeniable. Since 2021, Musk has been an avid supporter of Dogecoin, and his promotion of the cryptocurrency saw the price of DOGE rally over 70,000%, taking it from $0.0011 to $0.78. Even though the price of Dogecoin has trended low since its all-time high of $0.7, there is always the possibility of Musk resuming his very public support for the meme coin.
Under such circumstances, the price of Dogecoin would quickly reach a new all-time high. The current position of DOGE’s price is much lower than it was before Musk started posting about it, and if he started doing that again, the price of the meme coin could easily surpass $5. If Musk were to repeat his 2021 success with Dogecoin, the price could go as high as $60. While this may not be realistic, it is undeniable that Musk’s full weight of publicity would cause the price of Dogecoin to soar.
However, the price of Dogecoin is not the only factor that is influenced by Musk’s presence. His promotion of the cryptocurrency has also caused the community around Dogecoin to grow. Due to his influence, more and more people have become aware of the cryptocurrency and its potential, and as a result, the Dogecoin community has seen an increase in its user base.
All in all, it is clear that Elon Musk’s influence on Dogecoin is still very significant, and if he were to start promoting the meme coin again, it would have a drastic effect on the price of the cryptocurrency. Whether or not the price of Dogecoin will reach its 2021 heights remains to be seen, but there is no doubt that Musk’s presence in the Dogecoin community would have a positive effect on the cryptocurrency.