Despite a recent correction, Dogecoin (DOGE) witnessed a significant uptick following Elon Musk’s latest remarks hinting at a potential Tesla integration. The cryptocurrency surged by 15% on Thursday, spurred by Musk’s statements, only to experience a slight pullback the following day.
While the sustainability of this positive momentum remains uncertain, it underscores Musk’s enduring influence on the asset. Furthermore, the renewed attention sparked by Musk’s remarks sets the stage for a potential 50% surge for DOGE, with a potential breakout target of $0.25.
Musk’s Influence on DOGE: The Dogefather Strikes Again?
Throughout Dogecoin’s history, its correlation with Elon Musk, the CEO of Tesla, has been unmistakable. Some of the cryptocurrency’s most remarkable performances have coincided with Musk’s involvement, and recent comments from the self-proclaimed “Dogefather” suggest this trend may continue.
During a speech at a Tesla factory in Germany, Musk once again referenced Dogecoin (DOGE). Responding to a query about the possibility of purchasing a Tesla with the digital currency, Musk remarked, “At some point, I think we should enable that.”
This statement catalyzed a substantial 15% surge in DOGE prices on Thursday, albeit followed by a corrective phase the next day. Despite today’s decline of over 12%, as reported by CoinMarketCap, Musk’s comments may have laid the groundwork for a potential 50% rally.
If DOGE manages to reclaim the $0.15 support threshold in the near term, it could be on track for a significant uptick in value. Presently, DOGE is trading above the 20-day Simple Moving Average (SMA), indicating a positive outlook. Continued media coverage surrounding Musk’s remarks may propel the cryptocurrency to surpass the $0.25 mark.
However, failure to sustain the support level could trigger substantial sell-offs. Nonetheless, Elon Musk’s influence remains undeniable, and his comments and developments consistently buoy DOGE prices. The prospect of Tesla accepting Dogecoin as payment, or an eventual integration of doge in the x platform would undoubtedly send the cryptocurrency’s value soaring.