- Dogecoin price might benefit from the interest trailing Elon Musk’s Mars Vision.
- The memecoin price is soaring, and other metrics are also pointing to a bull cycle.
Tech billionaire Elon Musk’s vision to become the world’s first trillionaire has ignited speculations of a Dogecoin (DOGE) price boom. Dogecoin remains one of the best-performing memecoins, staying around the $0.1078 range for a few days before it picked a 19% surge in the past week.
With Elon Musk’s vision in view, market participants are speculating a price target of $1.60 for DOGE.
Elon Musk’s Trillion-Dollar Vision
Prominent Dogecoin insider DogeDesigner has shed light on Elon Musk’s trillion-dollar tech vision. In an X post, he disclosed that Musk’s growing fortune could surpass the $1 trillion mark. If achieved, he shared a statement that sheds light on the billionaire’s major pursuit “to get humanity to Mars and preserve the light of consciousness.”
Musk responded to the post to confirm the assertions, noting, “That’s the Goal.”
As CNF reported earlier, the tech billionaire has often emphasized the need to establish a self-sustaining metropolis on Mars. He believes this mission is critical to humanity’s survival. His plans include deploying uncrewed Starships to Mars within the next two years, with prospective crewed flights following in four years.
Although obstacles may delay these audacious missions, Musk is persuaded that preserving mankind from catastrophic events like asteroid impact is critical. As a passionate proponent of Dogecoin, Musk’s forward-thinking view of the future is consistent with his dedication to pushing technological frontiers.
Besides the Mars vision, he has also expressed a keen interest in cryptocurrencies, among them is Dogecoin, which he calls his favorite. As CNF mentioned in previous articles, Elon Musk’s SpaceX funded a space mission using the DOGE memecoin in 2023. This makes Dogecoin the first memecoin and crypto to makes it to space.
Is a $1.60 Target Next for DOGE?
Historically, comments from Elon Musk have often sparked a rally in Dogecoin’s price. For instance, DOGE passed a crucial resistance level of $0.111 shortly after Musk teased DOGE as an acronym for the Department of Government Efficiency.
Therefore, many hope DOGE can attain the $1.6 mark if it is considered a component in Elon Musk’s vision for the future. Market sentiment surrounding Dogecoin has turned bullish, driven by recent speculation and market trends.
DOGE surged to $0.1313 on September 28 before settling at around $0.1239, following Bitcoin’s price movement. The memecoin’s growth is also reflected in a surge of daily active addresses, jumping from 50,124 to 52,211 in just 24 hours.
As of this writing, DOGE’s price was trading at $0.1184, demonstrating a 9.3% surge in the past week. The 24-hour trading volume spiked 5% to over $900,000, indicating investors’ renewed interest in the memecoin. Additionally, institutional investors’ interest in Dogecoin continues to soar. If this continues, Dogecoin might reach $1.60 level soon.
Investors should, however, exercise caution as Open Interest has declined by 5.06% to $651.74 million, per Coinglass data. This indicates that some traders may be locking up profits, which might slow future momentum.
