Will Elon Musk help fulfill Dogecoin’s $1 dream?

Sahana Kiran
Source – Unsplash

Dogecoin’s entry into the crypto-verse had people chuckling. A cryptocurrency inspired by a meme? While a very dainty part of the world was slowly getting familiar with Bitcoin [BTC], a joke cryptocurrency began making the rounds. Its association with the meme is what clearly bought success for DOGE. Despite being one of the earliest cryptocurrencies, DOGE failed to garner major momentum with regard to its price. The altcoin has never once hit $1.

However, one person entails the power of influencing the price of Dogecoin. You guessed it right. Tesla’s CEO Elon Musk’s inclination towards DOGE is no news. Time and again, through random tweets or employing DOGE in Tesla, Musk has influenced the price of the altcoin.

The most recent one was his investment in Twitter. Musk shook the internet by emerging as the largest shareholder at Twitter. The social media giant’s stocks weren’t the only thing that witnessed a significant surge. Dogecoin reacted to this news by recording a surge of nearly 8 percent. The altcoin prolonged this notion throughout the week.

This wasn’t all. There have been several instances in the past where Musk managed to pump the price of Dogecoin. One of the most famous ones is Musk’s SNL debut along with DOGE. Musk went on to call himself “The Dogefather” announcing his SNL appearance.

Following this, Dogecoin’s price shot up by 20 percent.

Musk’s pranks on the community have aided in the surge of DOGE. Back in April 2021, Musk jokingly said that “SpaceX is going to put a literal Dogecoin on the literal moon.” Even this tweet brought in gains of over 32 percent.

While these are the famous few instances of Musk pumping DOGE, there are a whole bunch of them.

Will Dogecoin hit $1 if Musk purchased all of Twitter?

Elon Musk clearly wasn’t satisfied with the fact that he was the largest shareholder of Twitter. Musk intended to privatize Twitter so as to uphold free speech. Therefore, he went ahead and offered to buy Twitter for $54.20 per share. While this bid is still at bay, the possible acquisition of the social media platform could prove beneficial to DOGE.

As seen above, Musk has extensively influenced the price of the asset. With the full takeover of Twitter, Musk is likely to make Dogecoin-centric additions. This in turn would most definitely boost the price of the asset, the community speculates.

The closest that Dogecoin had gotten to $1 was about a year ago. The altcoin recorded an all-time high of $0.7376. Currently, the asset is 80 percent below this level since it was trading for $0.1468, at press time.

Additionally, Musk appeared in a Ted Talk earlier this week. He was reportedly asked if he regretted the consistent pumping of DOGE. Musk replied,

“I think they’re fun, and I’ve always said, ‘Don’t bet the farm on Dogecoin.’”