Although the meme coin mainstay has experienced a bit of a correction over the last day, Dogecoin (DOGE) saw a massive surge after Elon Musk made recent comments regarding a Tesla integration. Indeed, the asset rallied 15% on Thursday before sliding back just a day later.
The positive momentum may not have had sustaining qualities, but it did reinforce the effect that Musk still has on the asset. Moreover, the recent coverage of Musk’s statements on the meme coin could set the stage for a 50% surge for DOGE and a breakout to $0.25.
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The Dogefather Strikes Again? Musk’s Comments Could Drive DOGE Rally
Throughout the history of Dogecoin, its connection with Tesla CEO Elon Musk has been undeniable. Some of the asset’s most impressive performances have come alongside its connection to the SpaceX head. That could once again prove to be true with recent comments made by the Dogefather.
Speaking at a Tesla factory in Germany, Elon Musk mentioned Dogecoin (DOGE) yet again. Specifically, Musk was asked when customers would be able to buy a Tesla with the digital asset. In response, the CEO said, “At some point, I think we should enable that.”
Also Read: Why Are Bitcoin, Dogecoin & Cryptocurrency Market Falling Today?
The comments led to a massive 15% surge on Thursday, with a correction taking place a day later. Although the asset is down more than 12% today, according to CoinMarketCap, the Musk statement may have set the stage for a 50% rally.
If the asset can regain the $0.15 support level in the short term, it could be facing a massive increase in value. Specifically, DOGE is trading above the 20-day SMA price point. If the media coverage around those comments continues, the asset could be poised to break out above $0.25.
However, if DOGE can’t maintain the support level, it may face major sell-offs. Conversely, Elon Musk’s impact is undeniable, and these kinds of comments and developments will always positively impact the price. If Tesla were to begin accepting Dogecoin, the asset would undoubtedly skyrocket in value.