Dogecoin experienced an upsurge on Sunday, with its price touching a yearly high of $0.29 in the charts. It’s up 30% in the indices and is attracting heavy bullish sentiments. Investors who took an entry position days before the US election results are reaping the benefits from the rally. The Dogecoin to $1 phrase has re-ignited in the cryptocurrency market, as traders believe a bull run is on the cards.
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The confidence in Dogecoin crossing $1 stems from Elon Musk’s closeness with President-elect Donald Trump this time. Reuters reports that Trump is all set to boost Musk’s Mars dream and will allow SpaceX to test its space exploration program. In addition, Musk revealed that the company will launch a DOGE-1 space mission, which will be funded by Dogecoin.
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Will Dogecoin Reach $1?
Dogecoin’s path to $1 could be a reality only if Musk convinces the White House to use the cryptocurrency for any transaction. The government has yet to explore the power of blockchain technology and remains on the sidelines of its growth. The last time DOGE rallied hard, the maximum it could reach was an all-time high of $0.73. It was short of 27 Cents from hitting the $1 milestone.
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The reason for the DOGE’s rally in 2021 was Musk’s constant support and approval of the meme coin. If the phenomenon of 2021 repeats in 2024 or 2025, the chances of Dogecoin reaching $1 is on the cards. The confidence stems from the DOGE-1 spaceship which could soon make news about space exploration. The move could persuade people to find out what DOGE is and eventually invest in the cryptocurrency.
The development would boost its buying pressure similar to how it achieved the feat in 2021. Dogecoin to $1 is once again making the rounds on social media and this time they are serious about it. Bitcoin hit an ATH of $81,672 on Sunday and another leg-up could make DOGE soar higher.
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