Will Dogecoin Bounce Back if Elon Musk Starts Promoting it Again?

Elon Musk believes that crypto currency is the future of money and is the “official” promoter of Dogecoin, his favorite cryptocurrency.

The Tesla CEO was second on the Forbes billionaires list. Recently, Chief Executive Officer and the Chairman of Moët Hennessy Louis Vuitton (LVMH) replaced Musk and became the world’s richest businessman.

Dogecoin entered the world in Dec. 2013, and has risen to $1 today. In the monthly meeting, the board of members discussed issues related to Dogecoin.

The board of advisors is Dogecoin Founder Billy Markus, its project core developer Max Keller, Ethereum founder Vitalik Buterin, and Elon Musk, represented by the Head of the Musk Family Office, Jared Birchall.

Dogecoin’s performance from 2013 to mid-2021 can be said to be “non-performing.” Because there was no big movement seen during that period, but when Mr. Musk began tweeting about Dogecoin in 2019, it kickstarted a furious DOGE rally. Following the price surge, the meme coin recorded its all-time high on May 8, 2021, at $0.7376.

The Tesla owner acquired Twitter on October 27, 2022, and tweeted, “the bird is freed.” Millions of users have offered a variety of opinions on this move—some cited it as a new style of entering a new space unbeknownst to Musk. In contrast, others believed it was a publicity stunt.

Musk is often criticized for influencing the prices of memecoin. Still, he never disclosed his Doge holding or any other crypto holdings when the Twitter deal price of memecoin skyrocketed by around 150% in just a couple of days.

While writing this article, DOGE was trading at $0.08903 with a 24-hours trading volume of $600,326,990. Although in the duration of the last one, month memecoin prices highest traded at $0.09289, and lowest trading price was near $0.06695.

According to CoinMarketCap, Dogecoin’s 52-week high was quite impressive as it traded at 0.7376, and its 52-week low was unimpressive as it traded at $0.00008547.

The memecoin is still in the ninth position in the crypto market among 22349 cryptocurrencies.

Over the past year, cryptocurrencies have become quite popular. But the process of mining cryptocurrencies needs large amounts of energy. Due to its high emissions, people have become more aware of the global impact of crypto trading.

Twitter has launched price charts for other crypto assets, including Dogecoin, Bitcoin, Ethereum and Dogecoin.

Several analysts and crypto experts believe that by the second quarter of 2023, DOGE may trade at $1 or more. And if this happens, then it will be a historic moment for the DOGE community as it never traded at $1.