Dogecoin (DOGE) has faced a steep 5.6% correction in the last 24 hours. Despite the correction, CoinGecko data shows that the original memecoin has rallied 5.5% in the weekly charts, 3% in the 14-day charts, and 6.2% over the previous month. Although DOGE entered into a bullish phase over the last few days, the memecoin has struggled to gain traction over the last few years. Let’s discuss if Elon Musk is Dogecoin’s last hope to breach the $1 mark.
Is Elon Musk The Only Person Who Can Take Dogecoin to $1?
Elon Musk is one of the most vocal and popular Dogecoin (DOGE) fans in the world. Musk has openly spoken about his love for the memecoin. The tech-billionaire has also enabled DOGE payments for many of his businesses, such as Tesla and SpaceX merchandise. Musk’s posts on his social media platform X have often led to sporadic rallies for DOGE. However, these rallies are often short-lived.
Musk has also undertaken a satellite program paid for entirely with Dogecoin (DOGE).
However, the most significant way Elon Musk can help Dogecoin (DOGE) is through X. There is a lot of talk about Dogecoin (DOGE) being included in X’s payment feature. Given that Musk has enabled DOGE payments in many of his businesses, it could be safe to assume that he may take a similar route for X as well. X has hundreds of millions of monthly users. If DOGE is accepted on X, it may lead to a surge in global adoption. Such a development could lead to Dogecoin (DOGE) breaching the $1 mark.
Also Read: Dogecoin Price & Status Update: What’s Up With DOGE Crypto?
While the buzz around X accepting DOGE is loud, there is no official word on whether the platform will accept the memecoin or not. If the team decides not to include DOGE, it could lead to a dip in investor sentiment, as many highly expect X to embrace Dogecoin very soon.