Dogecoin (DOGE) has remained the best-performing meme coin, currently ranking as the eighth largest cryptocurrency by market capitalization. However, its future could take an even more bullish turn spurred by support from the world’s richest man Elon Musk.
How Musk can help DOGE reach a $1 price
The Tesla and SpaceX CEO recently doubled down on his support for Dogecoin when he started his remarks on a Twitter Space conversation with “DOGE to the moon.”
Since his comment, the DOGE market has seen more than $1.5 billion in inflows, surging around 15% in minutes, according to data highlighted by pseudonymous market analyst “CryptoVinco.”
The occurrence is not strange and has become known as “the Musk effect” on Dogecoin. However, speculations are that this can soon be deployed to have an even more positive effect on the adoption of DOGE and can be the catalyst to push the cryptocurrency to reach a price of $1.
This is because of Musk’s recent completion of the acquisition of the micro-blogging platform Twitter and his previous statements on the role the meme coin can play on the social media platform. Under Musk’s leadership, Twitter seems to be chasing this vision already.
Twitter has filed to become a money service business with the U.S. Treasury’s department of Financial Crimes Enforcement Network (FinCEN), as first disclosed on Twitter by John P. Koning, a market observer.
Integrating DOGE as a payment method on Twitter would be massive for adoption as it would onboard the platform’s 206 million daily active users to the Dogecoin blockchain and make the meme coin one of the most used cryptocurrencies.
This may first be deployed for the newly introduced $8 Twitter Blue payment, which has received a lot of interest from users despite increasing cases of impersonation. However, there is the possibility that the integration of crypto payments on Twitter will include other cryptocurrencies like Bitcoin (BTC) and Ether (ETH) which Musk has previously praised.
Musk could still spur DOGE adoption aside from Twitter integration
Outside of plans for DOGE on Twitter, Musk has also been onboarding the dog-themed coin as a payment method in his other companies, including Tesla and SpaceX.
This leaves hopes that if his plans for DOGE integration on Twitter fall through, the token could still see Musk boost its adoption by integrating it into other future projects. Musk, who has the vision of making humans a multi-planetary species by colonizing Mars, has also courted the idea of making DOGE the official currency of his extraterrestrial colony.
Currently, DOGE is trading at $0.086, down 1.76% in the last 24 hours, per data from CoinMarketCap. It would need about a 970% increase to reach the $1 price target.