Elon Musk Fuels Dogecoin Hype Once Again — Will This Push DOGE To $1 Anytime Soon?

Tesla/SpaceX centilionaire Elon Musk has once again sparked renewed optimism around the OG meme coin with his recent tweet, which indirectly referenced DOGE.

What Was Musk’s New Tweet?

Elon Musk may suggest establishing himself as the head of a new government institution if former Republican Presidential nominee Donald Trump retakes the White House in the upcoming 2024 election.

Musk shared a post on X that featured a double entendre referencing crypto and politics.

This playful nod to Dogecoin was accompanied by an AI-generated image of Musk seated behind a desk, further captivating his followers. The image was accompanied by text reading “Department of Government Efficiency.” Ex-POTUS Trump has previously indicated that he would enlist Musk to run a “government efficiency commission” if he is reelected.

As is often the case, Dogecoin’s price jumped following Musk’s post. At the time of writing, Doge is changing hands for $0.09829, representing a 2.2 percent gain on a 24-hour basis. DOGE boasts a market capitalization of over $14.3 billion, making it the 9th most valuable crypto.

The tweet from the self-proclaimed “Dogefather” has sparked a wave of excitement and speculation in the Dogecoin community. Some believe that Musk might hint at a bigger role for Dogecoin in his business ventures, possibly integrating it into Tesla, Starlink, or X. Others see it as a continuation of Musk’s long-time evangelism of Dogecoin.

In recent weeks, the X owner has returned to making Dogecoin references in playful posts, even replying to Dogecoin-related comments. In the past month, Musk and Tesla scored a significant legal victory in a $258 billion class action suit claiming they pumped up the Dogecoin price into a “pyramid scheme.”

Can DOGE Summon Fresh Momentum To Reach $1?

In his latest analysis, popular crypto analyst Ali Martinez told his followers on Monday that Dogecoin has charted a falling wedge pattern on the daily chart.

The falling wedge is a bullish reversal setup, that is, the price will often break above the upper edge of the pattern and rally. A wedge breakout, if confirmed, would allow for a stronger corrective upsurge.

This means that if Dogecoin can close above the psychological resistance of $0.10 and hold it, it could be set for a rebound to $0.15. Such a move would potentially position the leading meme coin for an epic rally toward the elusive $1 mark.