The world's richest man, Elon Musk, is back to support the foremost meme coin, Dogecoin (DOGE), although indirectly. This has raised the possibility of Dogecoin rallying 36,000%, just like it did in the 2021 bull run.

World’s richest man Elon Musk is once again throwing his support behind the leading meme coin, Dogecoin (DOGE), albeit indirectly. This has sparked speculation about Dogecoin rallying 36,000%, like it did during the 2021 bull run.

Elon Musk Is Back To Shilling Dogecoin Again

Elon Musk is back to shilling Dogecoin, but this time in a political manner. Musk proposed that the name of the department that Donald Trump wants him to head if elected should be the ‘Department of Government Efficiency.’ This name has led to the acronym ‘D.O.G.E,’ which has drawn a correlation with Dogecoin’s ticker, DOGE.

Given Musk’s affinity for Dogecoin, this move has been seen as deliberate and continues to provide a bullish outlook for the leading meme coin as the US elections approach. Notably, the Dogecoin price has rallied 31% in the last seven days, largely thanks to Musk’s continuous use of the term ‘D.O.G.E’ in recent appearances.

On October 17, he appeared at a Pennsylvania town hall meeting where he again indirectly shilled DOGE. When asked by an audience member about the proposed department, he replied, “Yeah, D.O.G.E,” which led to the Dogecoin price surging by over 15% in 24 hours. DOGE rose above $0.14 in the process, marking its highest price point since late July.

Dogecoin also rallied by over 7% the previous day after Musk made a post talking about how the ‘D.O.G.E’ department would ensure that politicians and bureaucrats do not pose a threat to human progress.

The meme coin is likely reacting more to Elon Musk’s mentions of ‘D.O.G.E’ because of the increasing likelihood that the department will be created. Currently leading the polls, Donald Trump has promised to appoint Musk to head this department, which will be tasked with overseeing and managing government spending.

Will DOGE Rally 36,000% Again?

With Elon Musk shilling Dogecoin again, there have been questions about whether DOGE can enjoy a similar 36,000% rally like the one during the 2021 bull run. Musk also hyped up DOGE during that period and played a major role in the meme coin’s astronomical rise to its current all-time high (ATH) of $0.78.

A 36,000% rally for the Dogecoin price is unlikely this time around as it would mean that DOGE could reach $50 in this market cycle. A rise to $50 would give DOGE a market cap of $50 in this market cycle. A rise to $50 would give DOGE a market cap of $7.3 trillion based on its circulating supply of 146.43 billion coins. This is highly improbable, considering that the crypto market has a total market cap of around $2.35 trillion.

However, crypto analysts like Javon Marks still predict that the Dogecoin price could hit double digits in this bull run. Crypto analyst Dima James also recently suggested that the meme coin could reach $10.

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