Dogecoin Price Hits $0.1, Will Elon Musk’s Backing Push DOGE To $1?

Dogecoin price has surged more than 10% today, crossing the brief $0.1 mark, fueling market interest. Recently, the backing from the tech mogul Elon Musk has sparked market optimism towards the leading dog-themed meme coin. In addition, the Dogecoin lawsuit update has also gained notable attention from market participants, raising bets over a potential rally to $1 in the coming days.

Why Is Dogecoin Price Rising Today?

The recent surge in DOGE price has sparked discussions in the crypto market over the potential reasons behind the recent rally. Here we explore some of the top reasons that might have helped gains in the meme coin.

Elon Musk’s Dogecoin Lawsuit Win Sparks Market Optimism

Recently, Tesla CEO Elon Musk has secured the dismissal of a federal lawsuit accusing him and Tesla of manipulating the Dogecoin price for personal gain. The Dogecoin lawsuit, filed in Manhattan federal court, alleged insider trading and publicity stunts to inflate the crypto’s price by 36,000%.

However, the recent dismissal, issued by US District Judge Alvin Hellerstein, comes after investors failed to substantiate their claims across five versions of the lawsuit. The news may be contributing to DOGE’s recent price surge, as the crypto market reacts to the removal of legal uncertainty surrounding Musk’s involvement.

Elon Musk’s Recent Backing Of DOGE

Elon Musk has been actively backing the top meme coin recently, fueling market speculations. In a recent X post, the Tesla CEO said that he would like to add Dogecoin as a payment option for Tesla merchandise. This comment has fueled discussions about whether the company would also start accepting DOGE as a viable payment option for its vehicles.

In addition, an X user recently deemed Dogecoin as a potential solution against Brazil’s alleged freezing of Starlink’s bank accounts. Commenting on the post, Musk replied “Hmm… you make a good point.”

This endorsement, combined with his recent legal win, has sparked speculation in the market. Musk’s active promotion of Dogecoin, even after the lawsuit dismissal, has led investors to bet on the cryptocurrency’s potential.

Simultaneously, Donald Trump has said that he would propose a senate or advisory position to Elon Musk under his presidency. Commenting on that, the tech mogul said that he would like to lead a new department called “Department of Government Efficiency” or “D.O.G.E”. This also reflects his growing support for the meme coin. Additionally, Musk, in a recent X post, has also revealed plans to use “DOGE” as an official mascot for the department.

Crypto Market Regains Momentum Amid Fed’s Rate Cut Bets

The crypto market has witnessed a positive momentum today, as investors might be regaining confidence amid soaring bets over a potential Fed rate cut this month. As of writing, the global crypto market cap soared nearly 3.5% to $1.99 trillion, with Bitcoin price rising over 4% to $56,602.

Simultaneously, along with Dogecoin Price, the top meme coins like Shiba Inu, Pepe Coin, and WIF, among others, have also noted a surge of over 4% today. This highlights the growing interest of the investors in the risk-bet assets.

Meanwhile, the recent cooling of US Job data, alongside other macroeconomic factors hints at a dovish stance by the US Fed with their rate cut plans. According to the CME FedWatch Tool, there is a 73% chance of a 25 bps point cut by the US central bank at their upcoming meeting. This development appears to have fueled market optimism, triggering a rally in the broader crypto market.

Will Dogecoin Price Hit $1?

The DOGE price rallied more than 10% today and traded at $0.1041 during writing. Its trading volume soared nearly 74% to $639.67 million, while the crypto touched a 24 high of $0.1046. Furthermore, Dogecoin Futures Open Interest rose 8% to $476.52 million, while its Options Open Interest jumped over 37%, CoinGlass data showed.

In addition, a recent Dogecoin price analysis showed that the crypto could hit $1 if it surpasses crucial resistance levels. Besides, the recent backing from Elon Musk and the favoring market trends also hint at a bullish momentum ahead for the meme coin.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.