Elon Musk has been very public about his love for Dogecoin (DOGE). He has enabled DOGE payments for many of his business ventures, including SpaceX and Tesla merchandise. Musk even convinced President Trump to launch the Department of Government Efficiency (D.O.G.E.), a nod to the memecoin. Musk’s posts about DOGE have often led to big price rallies. Let’s discuss if the popular memecoin can rise without the help of the tech billionaire.
Can Dogecoin Rally Without Elon Musk?
DOGE is the original memecoin. The project made its debut in December 2013, more than 11 years ago. DOGE has come a long way since its inception. While the asset saw incredible popularity due to its meme origins, there is no denying the fact that Musk’s support has been incredibly beneficial to the asset’s price.
While it may seem that Musk is the most significant driver for Dogecoin’s (DOGE) price, the memecoin could very well rally without the billionaire’s help.
DOGE has one of the most dedicated fan bases within the crypto space. The project’s mascot is also one of the most recognizable globally. Both aspects give substantial footing to DOGE’s position as a solid crypto project.
Dogecoin (DOGE) has also seen an incredible rise in adoption over the last few years. Many payment gateways have enabled DOGE payments for several merchants. A continued rise in adoption will substantially help DOGE’s price.
Also Read: Can Bitcoin and Dogecoin Moon If Musk Starts a Political Party?
There is also a spot DOGE ETF application from 21Shares awaiting approval at the SEC. There is a high chance that the SEC will approve the application sometime this year. An ETF will open the doors for institutional money to flow into the memecoin. A rise in institutional inflows may lead to a massive price surge for the coin.
Looking at the above factors, it may be assumed that Dogecoin (DOGE) will do just fine without the support of Elon Musk. However, Musk’s support for the project is one of its biggest flexes.
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