Can Dogecoin Price Quintuple as Cardano Founder Offers Elon Musk Help With DOGE Payments?

Dogecoin (DOGE) has lost more than $5 billion in market capitalization within a day due to a massive selloff across the crypto market. At press time, DOGE trades at $0.18 after a 14% drop in 24 hours. As the market sentiment turns into fear, can a proposal by Cardano founder Charles Hoskinson help Dogecoin price to rally 5x? 

Cardano Founder Offers to Help Musk with DOGE Payments

Cardano founder Charles Hoskinson has offered to help Elon Musk with a roadmap to integrate DOGE payments on X. In a recent post, Hoskinson noted that if DOGE were to follow the “Bitcoin 2 roadmap,” it could become the standard currency at the X platform. 

Hoskinson went ahead to tease the Dogecoin community saying that he would help upgrade the blockchain to support the Grok AI model and process DOGE payments. 

“Come on Dogecoin, you know you want a little retrofit, Little bit of sharded useful proof of work to run that expensive Grok. Some state channels for ultra-low-cost payments for tipping X posts… I’ll even throw in some quantum resistance” he said. 

Musk has previously teased the idea of DOGE payments on X. However, these plans have never been realized. Nevertheless, Musk has already endorsed the meme coin as a means of payment at Tesla, and if the same were replicated on X, it could spark a bullish rally. 

Dogecoin Price Analysis – Can DOGE Rally 5x?

Dogecoin price appears ready to make a 5x rally after completing a rounding bottom pattern. After witnessing a parabolic rally in late 2024, DOGE breached resistance at the neckline of this pattern and flipped it into support. 

Dogecoin is retreating to retest this support after selling pressure across the broader market pushed the prices lower. If it can successfully defend it, it could stir a 266% price rally to $0.65. At this point, DOGE price will have recorded an over 5x gain from its current price. 

The CMF indicator is positive despite the crypto market retreating, making it likely that buyers can defend this support if the selling pressure cools. The ADX line is also tipping south showing weakening momentum. This setup suggests that the Dogecoin price can successfully defend this support level. 

Despite this bullish Dogecoin price prediction, its ability to bounce from this support level again is contingent on the broader crypto market recovering. However, if Elon Musk were to integrate DOGE payments on X as proposed by the Cardano founder, it could stir significant gains for the altcoin.