Summary: Elon Musk’s recent use of the acronym “D.O.G.E” in relation to a potential Department of Government Efficiency has sparked renewed interest in Dogecoin (DOGE), potentially leading to another rally like the one seen in 2021.
Key Facts:
1. Dogecoin has rallied by 31% in the last seven days due to Elon Musk’s continuous use of the “D.O.G.E” term in recent appearances, including at a Pennsylvania town hall meeting where he mentioned it again on October 17th, leading to a 15% price surge within 24 hours and reaching its highest price level since late July ($0.14).
2. There is speculation that DOGE could experience another 36,000% rally like it did during the 2021 bull run, but this seems unlikely as it would mean reaching an ATH of $50 and a market cap of $7.3 trillion based on its circulating supply – which is nearly impossible considering the crypto market’s total market cap is around $2.35 trillion at present; however, some analysts predict DOGE could hit double digits or even reach $10 during this bull run.
