Dogecoin (DOGE) price surged nearly 20% and hit the $0.20 mark, igniting a new bull run in the meme coin. Dogecoin valuation now hits $30 billion with bulls anticipating a parabolic rise similar to the 2021 rally. Amid such conditions, a promotion from Elon Musk will add fuel to the DOGE price explosion. Historically, Musk’s tweet has catalyzed multiple Dogecoin price spikes. As Dogecoin’s price exceeds $0.20, teasing a new potential rally, will possible ETF approvals and a promotion from Elon Musk repeat the historic past?
The 2021 Rally and Elon Musk’s Influence
During the 2021 bull market, Dogecoin’s price reached an all-time high of $0.73, mainly driven by the altcoin season. One of the key catalysts making Dogecoin a top performer in the 2021 rally was Elon Musk’s frequent tweets and endorsements.
Musk started his advocacy for Dogecoin in 2019 by declaring DOGE his “fav cryptocurrency”, resulting in a quick surge. This was further continued with a single-word tweet, “DOGE” pumping the meme coin by 100%. With Elon’s appearance on Saturday Night Live in May 2021, Dogecoin printed its all-time high. This demonstrates Musk’s strong influence and the DOGE community’s strength.
Similar Growth If Elon Musk Goes Vocal Again
As seen in the last bull market, if Elon Musk repositions his stance on Dogecoin, could Dogecoin give another parabolic rise? More importantly, will this pump Dogecoin to achieve double-digit price targets?
Optimistically, Musk’s ability to generate mass attention could drive DOGE prices. Furthermore, Elon currently heads the Department of Government Efficiency (D.O.G.E). Thus, his endorsement will attract greater attention and investment in Dogecoin compared to 2021.
DOGE Price Forecast If Musk Pledges Support for Dogecoin
Dogecoin market capitalization exploded in 2021 to nearly $90 billion at its peak. Thus, momentarily securing a spot in the top 5 cryptocurrencies. During the run, the meme coin recorded an astronomical rise from $0.01 in early 2021 to $0.73 by May 2021, a 7,200% increase. If DOGE mirrors the parabolic rise, the present $30 billion market cap could reach $2.19 trillion, surpassing Bitcoin’s current valuation. Interestingly, the market price could shoot up from $0.20 to a $14.60 peak.
Dogecoin ETFs Approval and Institutional Involvement
With Donald Trump in the Oval Office, the pro-crypto narrative of the government bolsters crypto ETFs’ approval chances. If Dogecoin gets a Spot ETF approval would provide greater inflows from a regulated investment vehicle. Currently, key institutions like Grayscale, Bitwise, and 21Shares are in the race for a DOGE ETF.
Based on the Polymarket data, users predict a 65% chance of Dogecoin ETFs securing approval in 2025.
Conclusion
If Elon Musk, head of D.O.G.E and CEO of Tesla, starts actively promoting Dogecoin in 2025, an astronomical rise will undoubtedly pump DOGE prices. This will increase the chances of Dogecoin hitting a new all-time high and potentially reach double-digit values. Based on the analysis, Dogecoin price prediction varies from $14 to $49. However, the breakdown of the $1 threshold will be an iconic win for the oldest meme coin in the industry.
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