Can Elon Musk’s Support give Dogecoin a Boost?

Dogecoin’s official site has an unofficial tagline for the meme currency is, ‘Do Good Everyday’. This is because it claims that the community is all about offering support and being kind.

Moreover, as per DOGEtribune, it is also about creating crypto awareness, making memes, raising funds and having fun, all the while doing absurd things.

Doge’s entry

It was in 2013 that DOGE had been introduced and since its launch, the meme token has been trying to hit the $1 mark.

A number of issues related to Dogecoin are discussed by the board of directors in their monthly meeting.

The board of directors include Billy Markus, the Dogecoin Founder, Max Keller, the core developer of the project, Vitalik Buterin, the Ethereum founder, and Elon Musk, the CEO of Tesla.

He is represented by Jared Birchall, the Musk’s Family Office Head. As far as the use case of the meme coin is concerned, it is mostly for tipping purposes on various social platforms like Twitter and Reddit.

It is given out as a reward for sharing, or creating quality content. There are also some companies that have begun to accept payments in Dogecoin.

These include AMC Theaters, EasyDNS, Twitch, Tesla, GameStop, Dallas Mavericks, arBaltic and Newegg.

Elon Musk

From 2013 to early 2021, Dogecoin did not have any such performance that needs to be talked about. This is due to the fact that the crypto did not see any big movements during this time.

However, there had been a strong rally in the price of the meme coin when Elon Musk began tweeting about it in 2019.

After that particular price surge, DOGE finally reached its all-time high value on May 8th, 2021, when it touched a price of $0.7376.

As a matter of fact, Elon Musk’s support of the meme token earned him the title of Dogefather and he has continued to support the token.

He has also revealed that he has personal Dogecoin holdings because he believes in its potential as a payment mode.

Price prediction

Since the month of November, Dogecoin has been shedding its value and it has not picked up in 2023 either.

There have been numerous price predictions that have put the price of DOGE between $0.13 and $0.16. The token has been struggling to reach the $1 mark for nine years now and it appears it will take some more time for it to get there.

There had been hope that with Elon Musk at the helm of Twitter, Dogecoin would be incorporated as a payment method on the social media platform.

This would have certainly given the price of the meme token a boost, but as it turns out, Elon Musk will be stepping down as the CEO of Twitter after he conducted a poll on the matter.

Thus, it will be some time before Dogecoin can hope to hit the $1 mark, especially considering the downturn in the crypto market.

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