Dogecoin Dips 1%, Can Elon Musk's D.O.G.E Push Price to $1?

Dogecoin, the famous Shiba Inu derived memecoin, has seen a decline of 1.11% in the past 24 hours, but it remains a beacon of bullish sentiment in the cryptocurrency market. Current data indicates that 96% DOGE holders are in profit, reflecting a strong recovery from earlier lows and significant market interest.

96% of DOGE token holders in Profit (Source: Intotheblock)

Bullish Growth as indicated by the Onchain Signals (Source: Intotheblock)

The recent downturn follows a period of remarkable growth, where DOGE surged by approximately over 100% the past week, reaching highs not seen in two years. This rally has increased investor confidence, with many speculating that the memecoin could soon challenge its all-time high of $0.7376.

Elon Musk’s influence over the Dogecoin

Elon Musk’s longstanding support for Dogecoin as been of a great importance to the memecoin as his past endorsements have often led to dramatic price increase.

Musk’s influence over the coin continues to significantly impact Dogecoin’s price. Following Donald Trump’s recent proposal of establishing Department of Government Efficiency (DOGE), with Elon Musk and Vivek Ramaswamy as the leading figures has had the community thrilled.

This connection has helped DOGE to gain momentum and the coin experienced a surge of approximately 11%.

Although he has not made any recent comments specifically about DOGE, but his involvement in Trump’s administration has once again increased investor interest which further adds to the bullish sentiment.

Future Outlook

Analysts suggest that if the current trends continue, Dogecoin could see further price appreciation, potentially reaching the most anticipated $1 mark as market dynamics evolve.

At press time, the price of the memecoin is at $0.38 with a market cap of $56.26 billion.

With 96% of DOGE holders currently in profit and strong backing from the memecoin community, the investors remains optimistic about future price movements. Dogecoin could potentially challenge previous highs, especially with Musk’s ongoing influence and the popularity of the memecoin within the community.

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