What Happens If Elon Musk Starts Shilling Dogecoin Again?
Dogecoin is now a long way from its all-time upper of $0.7 which was brought well-nigh by billionaire Elon Musk aggressively promoting what he calls his “favorite” cryptocurrency. However, as the meme forge continues to trend low, plane with the current manful sentiment, there is unchangingly the possibility of Musk resuming his very public support for Dogecoin.
Can Elon Musk Recreate 2021 For Dogecoin?
Elon Musk’s influence on the Dogecoin polity and the price of the meme forge by extension is still very prominent. Just the fact that Musk had purchased Twitter had sent the price of DOGE rallying over 150% in a matter of days. But so far, there has not been much from the billionaire well-nigh the cryptocurrency.
However, looking when to early 2021 when Musk had been posting religiously well-nigh Dogecoin, one can’t help but wonder what would happen if he started doing that again. Given the current position of DOGE’s price compared to where it was when in 2021 surpassing Musk started posting well-nigh it, the price of the meme forge would quickly reach a new all-time high.
As Bitcoinist reported, the price of DOGE rallied over 70,000% in 2021 due to Musk’s shilling. This took the altcoin from $0.0011 to $0.78 very quickly. Going from the current price trend, a similar pattern would see the price of DOGE quickly surpasses $5. Whereas flipside 70,000% rally would put the price whilom $60.
While $60 may not be realistic at this point, flipside resulting push from Musk can hands put Dogecoin superiority of the rest of the market. Plane if the price of DOGE does not reach the expected prices, it will definitely be seeing new all-time highs if Musk threw his full weight overdue it once more.
Implications For DOGE And Other Meme Coins
The implications of such a move from Elon Musk are very obvious for Dogecoin but it will moreover spill over to other meme coins. Musk’s shilling of Dogecoin can be rightfully said to be the trigger overdue the impressive 2021 meme forge season and it could trigger flipside one.
Coins such as Shiba Inu and Baby Doge will hands see an upside if DOGE were to uncork rallying. This is considering investors will flock to other meme coins, yoyo they missed the train on Dogecoin, but not wanting to miss out on others.
Overall, support from Musk toward Dogecoin will not only work out in favor of the meme forge but moreover for the unshortened crypto market as his influence draws new participants to the crypto space.