Dogecoin Soars by 12%! Can Elon Make Doge the Future Bitcoin by 2030

Elon Musk might be the reason why Dogecoin soars by 12% in the past 24 hours

The Dogecoin price was reignited today after a shout-out from the Doge father himself, Elon Musk. Since purchasing Twitter earlier this month, speculation has been swirling about potential DOGE implementations on the platform. With the possibility of the FTX contagion still hanging in the air, industry leaders are worried about the potential market effects. However, Dogecoin soars by 12% in the past 24 hours. Elon Musk reignites dogecoin interests the contrasting performance of DOGE compared to other cryptocurrencies is mostly due to Elon Musk saying "DOGE to the moon" during a Twitter space on Nov.11. The Twitter space was hosted by Mario Nawfal and discussed the implication of the FTX crash on the market.

Meanwhile, other cryptocurrencies appear to be bouncing back. Bitcoin, Ethereum, BNB, Polkadot, and Shiba Inu have all recorded minor gains over the past 24 hours. BTC found itself below $17,000 for the first since 2020 and is down almost 20% in the past week. Although, it managed a meager 0.4% gain over the last 24 hours. ETH lost 22% of its value during the week. However, its value is up 1.5% over the reporting period to $1,270.

The biggest loser appears to be Solana (SOL), which is down 55% in the last week alone. The token has left the top ten cryptocurrencies by market cap and trades at $15, with more than an 8% decline today alone. Many expect that the token would still slide further. This is especially so with current market conditions and FUD surrounding the network due to its affiliations with FTX. In the past 24 hours, over 36,000 traders were liquidated, losing over $72 million. Most of the liquidations happened on Binance due to traders that had long positions on BTC and ETH.

Musk has indeed played a big role in the rise of dogecoin since its lighthearted launch by two software engineers in 2013. His tweets expressing support for the coin, including one calling it the "people's crypto", helped its price come from almost nowhere to surge about 4,000% in 2021. Crypto watchers said the latest price jump, following the Twitter deal, was fuelled by investor bets that Musk would make doge a part of the platform's payments system. "There's a lot of speculation that Twitter will provide a test bed for doge adoption and experimentation for different uses," Dibb added. Dogecoin has since lost some of its gains and is hovering at about $0.12, which makes it the eighth-biggest cryptocurrency, with a market cap of around $16 billion, according to CoinGecko.

The so-called meme coin hit a peak of $0.63 in May last year, but macro gloom and investor apathy to risky markets have since crushed it along with other prominent crypto assets such as bitcoin and ether. Even after the latest rally, doge is down 57% in the past 12 months. Nonetheless, crypto market news website Coindesk said the doubling of its price had made doge the top performer among 150 digital assets in its CoinDesk Market Index in October. Its share of the $1 trillion global crypto market cap through the year until the end of October was 1%, a fraction of bitcoin's 39%, according to CoinMarketCap. Now it's at 1.58%.

Doge has lifted other dog-themed coins in its wake, chiefly Shiba Inu, which has the same motif of the Japanese canine breed as doge and is designed to be compatible with the Ethereum blockchain. Shib, which trades at just $0.00001, jumped by a third in the days after Musk closed the Twitter deal. Unlike bitcoin, both doge and shib have near-unlimited supplies, meaning it would take more than mere speculative hoarding to drive their prices up.

Bets that Musk may allow crypto payments with dog tokens were kindled by his tweet last week of a picture of the Shiba Inu dog wearing a Twitter T-shirt. Yet the early rally has stalled, with many crypto investors stumped about how serious he really is about dogecoin.

Musk, the world's richest person, called dogecoin a "hustle" on a talk show in May last year, for instance, sending the price tumbling. Then in January this year, Tesla started accepting dogecoin as payment for its merchandise, such as the "Giga Texas" belt buckles and mini models of electric vehicles. Musk's newly launched perfume "Burnt Hair" can also be bought with doge.