Dogecoin experienced a significant price surge yesterday, reaching a new annual high of $0.29. This rally has sparked renewed interest in the cryptocurrency and brought the question of whether Dogecoin can reach $1 back into the spotlight. Investors who bought Dogecoin just before the US election have been among the biggest beneficiaries of this rally.
The belief that Dogecoin can reach $1 is fueled by the close relationship between Elon Musk and the incoming US President. According to Reuters, the President is poised to support Musk’s Mars projects and grant SpaceX permission to commence testing for new space missions. Additionally, Musk announced the launch of a DOGE-1 space mission, which will be entirely funded by Dogecoin.
Dogecoin’s potential to reach $1 hinges on Musk’s ability to persuade the White House to adopt Dogecoin for certain transactions. The government has yet to explore the potential of blockchain technology fully. In 2021, Musk’s unwavering support for Dogecoin propelled its price to a peak of $0.73. If a similar momentum builds in 2024 or 2025, Dogecoin could surpass the $1 mark.
This $1 target for Dogecoin has become a hot social media topic. The presales of Pepe Unchained (PEPU), Crypto All Stars (STARS), and Flockerz (FLOCK), which are rumored to be capable of following in Dogecoin’s footsteps, have gained significant traction.