Renowned tech magnate Elon Musk has reaffirmed his support for Dogecoin (DOGE) on his social media platform X, previously known as Twitter. This endorsement led to a momentary surge in DOGE’s price by 3.25%, touching $0.064 recently. Musk’s tweets have consistently stirred investor excitement, with a remarkable 25.69 million DOGE snapped up within a mere sixty seconds of his latest post.
Musk’s vocal backing of DOGE has been an ongoing narrative, highlighted by his intention to incorporate Dogecoin into a SpaceX venture. However, his enthusiasm for the cryptocurrency has also drawn legal scrutiny. Investors filed a lawsuit against Musk, alleging insider trading after he sold $124 million worth of DOGE in April—shortly following the alteration of X’s logo to feature the DOGE mascot.
Anticipated Integration and Potential Price Surge
Elon Musk has previously expressed interest in enabling DOGE payments within the X platform, although a definitive timeline for this integration remains undisclosed. Nevertheless, many anticipate a significant upswing in DOGE’s value once this integration materializes. According to Altcoin Daily, DOGE could potentially surge to $1 or even $5 after becoming integrated with X.
Should DOGE reach the $1 mark post-integration, this would translate to a staggering growth rate of approximately 1487%. For instance, a $100 DOGE investment at current prices could potentially transform into $1587. Alternatively, if DOGE were to reach $5, the growth rate would be a remarkable 7836%, potentially turning the initial $100 investment into $7936.
Elon Musk’s consistent advocacy for Dogecoin, coupled with the possibility of integration with the X platform, continues to capture the attention of investors and cryptocurrency enthusiasts alike. The anticipation of potential price surges remains a topic of keen interest within the cryptocurrency community.