Dogecoin Returns to Prime 10: Will Elon Musk Push it to $1?

• Dogecoin rallied over 50% within the final seven days to climb into prime 10 cryptos on CoinmarketCap.
• DOGE customers are hoping for an indication that Elon Musk will take part within the creating bull run.
• Musk’s feedback contributed to Dogecoin’s 28,000% acquire within the earlier bull run.

Dogecoin, the well-known dog-themed meme coin, has sugged considerably this week. The cryptocurrency rallied over 50% within the final seven days, replicating strikes much like its conduct within the earlier bull run. Information from CoinmarketCap reveals DOGE is again among the many prime 10 cryptos, buying and selling for $0.128, with a market cap of $18.34 billion.

DOGE’s rally is corresponding to its conduct 4 years in the past, when Elon Musk, the proprietor of X, brazenly supported the meme coin. Musk made a number of feedback that triggered Dogecoin’s rally within the earlier bull run, forming the tailwind for the crypto’s rise to prominence.

Following DOGE’s newest surge, many crypto customers are watching whether or not the X proprietor will play a task within the meme coin’s resurgence. If that occurs, many crypto customers will ponder how far DOGE would go this time. 

In 2020, Musk’s feedback had been inclined towards his help and buying of Dogecoin. He additionally touted the potential for his electrical automobile manufacturing firm, Tesla, accepting the meme coin for funds. With such feedback, the famend investor attracted the curiosity of many crypto customers, elevating their hopes for DOGE. 

Musk’s help for DOGE was the supply of the huge worry of lacking out (FOMO) that drove its rise. Demand rose for the meme coin, resulting in a number of phases of astronomical rallies. DOGE grew to become one of many highest performers in 2020 after recording an astonishing return of greater than 28,000% in 5 months.

Musk’s crypto inclination continues along with his social media platform, X, reportedly partnering with Stripe to introduce crypto funds. Preliminary studies present that the social media platform will begin making payouts with USDC earlier than including different cryptocurrencies. 

DOGE has gained over 76% this month, rallying to cost ranges final seen in 2022, in accordance with information from TradingView. Many customers count on the meme coin’s resurgence to proceed as they appear out for optimistic reactions from some of the vital influencers the crypto market has ever seen.