Dogecoin Price Prediction as DOGE Hits 8 Month Highs on Elon Musk’s Plans to Raise $1 Billion for X.AI– Can DOGE Hit $1?


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Dogecoin(DOGE), the very first significant meme cryptocurrency that powers the decentralized layer-1 Dogecoin blockchain, struck eight-month highs above $0.095 on Tuesday, with belief increasing on the news that Elon Musk’s X.AI business is set to raise $1 billion by means of an equity offering, according to a filing with the SEC.

X.AI is Musk’s brand-new expert system start-up, which he revealed previously this year at the very same time as he rebranded Twitter into X Corp.

Musk purchased Twitter back in 2022 and has actually guaranteed to turn the social networks platform into an “whatever app”, while he stated he developed X.AI to “comprehend deep space”.

Dogecoin is delicate to news concerning Elon Musk, X and now relatively his business X.AI due to the fact that Musk has actually been a singing advocate of the meme coin for more than 2 years, often tweeting about it, whilst likewise hinting that Dogecoin might contribute in powering future monetary services on the X platform.

DOGE is likewise benefitting today from strong belief in the wider crypto market, with Bitcoin striking its greatest levels because April 2022 on Tuesday above $44,000.

The cryptocurrency is currently up over 12% this month and more than 60% versus October’s lows.

With Dogecoin technicals strong– DOGE has actually discovered constant assistance at its 21DMA in current weeks and broke above a long-lasting pennant structure in early November– and with belief in the wider market so strong in the middle of optimism for near-term area Bitcoin ETF approvals and for a dovish Fed policy pivot next year, it appears just a matter of time up until Dogecoin strikes $0.10.

Cost forecasts are most likely to stay bullish however can Dogecoin rally all the method to $1.0 per token.

Asus Can Dogecoin (DOGE) Hit $1.0?

Dogecoin presently has a market cap of around $13.4 billion.

Some would argue that’s method to much for a cryptocurrency that was initially created as a joke, however in some cases Dogecoin’s critics miss out on the truth that 1) the cryptocurrency has a big, devoted base of extremely engaged advocates and 2) unlike all other significant meme coins, Dogecoin is its own independent layer-1 blockchain, instead of a token provided on the Ethereum or other blockchain.

Dogecoin is perhaps extremely decentralized and whilst its blockchain has scaling problems (as does Bitcoin’s), the cryptocurrency stands a much better possibility of seeing genuine adoption than any other meme coins, in no part thanks to Elon Musk’s continuous assistance.

Might it strike a rate of $1 per token, more than 10x greater than existing levels.

Offered the present supply of around 142 billion tokens, that would indicate a market cap of around $142 billion.

That’s a lot, however if Bitcoin is to strike a market cap of $10 trillion or greater to measure up to gold, as numerous anticipate, then there is no reason that Dogecoin could not strike a market cap of above $100 billion, 100 times less.

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