Dogecoin has become the 9th largest cryptocurrency by market cap again, surpassing Polygon (MATIC) which had been performing well in the past few weeks. The credit for this achievement goes to Elon Musk, who is known as the “Dogefather.” Is Elon Musk Set to Rocket Dogecoin Price to $5? Let’s take a look at it in more detail.
Over the weekend, Super Bowl LVII took place and Rihanna made a memorable return. Billionaire Elon Musk was also seen with Rupert Murdoch, who is the chairman and CEO of News Corporation and the owner of Fox News.
After someone posted a picture of Elon Musk and Rupert Murdoch together at the Super Bowl and asked what they were talking about, Elon Musk replied on Twitter saying they were discussing “Dogecoin.” As usual, the price of DOGE went up after Musk’s tweet.
After Elon Musk’s tweet, the price of DOGE went up by 5%, reaching $0.086 and surpassing MATIC’s market cap. Although DOGE’s price went down a bit in the hours that followed, its market cap is still higher than MATIC’s at $10.8 billion.
The meme coin is not out of danger yet. Another strong rally from MATIC like the one seen last week could easily put it back in a lower position. At present, MATIC has a market cap of $10.29 billion, which is only slightly lower than DOGE’s market cap of $10.8 billion. For cryptocurrencies with large market caps, a difference of less than $600 million can be significant.
Dogecoin Price to $5: DOGE/USD Weekly chart showing the price – GoCharting
Like other cryptocurrencies, Dogecoin’s price has been influenced by the overall trend of Bitcoin and the broader crypto market. In the last 24 hours, it has only gained 1.17%. The market’s slower momentum has caused the price to drop back to the $0.08 support level, where buyers are trying to maintain the price. Here are five key points explaining how Elon Musk influences Dogecoin’s price:
While it’s difficult to predict the future of any cryptocurrency, it’s clear that Elon Musk’s involvement has been a major driving force behind the popularity and success of Dogecoin. With his frequent tweets and support, he has helped to create a strong and enthusiastic community of investors, traders, and holders.
Furthermore, Musk’s recent announcement that his company SpaceX will accept Dogecoin as payment for an upcoming space mission has sparked further excitement and speculation, leading many to believe that Dogecoin’s value could continue to rise.
While it’s uncertain whether Dogecoin will reach $5 or not, it’s clear that Elon Musk’s continued support and involvement will continue to impact the cryptocurrency’s price and popularity. As such, Dogecoin will likely continue to be a coin to watch in the ever-evolving world of cryptocurrencies.
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