Dogecoin is now a long way from its all-time high of $0.7 which was brought about by billionaire Elon Musk aggressively promoting what he calls his “favorite” cryptocurrency. However, as the meme coin continues to trend low, even with the current bull sentiment, there is always 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 community and the price of the meme coin 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 about the cryptocurrency.
However, looking back to early 2021 when Musk had been posting religiously about 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 back in 2021 before Musk started posting about it, the price of the meme coin 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 another 70,000% rally would put the price above $60.
While $60 may not be realistic at this point, another consistent push from Musk can easily put Dogecoin ahead of the rest of the market. Even 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 behind it once more.
DOGE price trending at $0.089 | Source: DOGEUSD on TradingView.com
Implications For DOGE And Other Meme Coins
The implications of such a move from Elon Musk are very obvious for Dogecoin but it will also spill over to other meme coins. Musk’s shilling of Dogecoin can be rightfully said to be the trigger behind the impressive 2021 meme coin season and it could trigger another one.
Coins such as Shiba Inu and Baby Doge will easily see an upside if DOGE were to begin rallying. This is because investors will flock to other meme coins, believing 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 coin but also for the entire crypto market as his influence draws new participants to the crypto space.