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Exciting news for Dogecoin (DOGE) as it reaches an eight-month high above $0.095 on Tuesday. This surge comes amidst Elon Musk’s X.AI company’s plans to raise $1 billion via an equity offering, as per a filing with the SEC.
Musk’s X.AI is an artificial intelligence start-up, announced earlier this year. Notably, this announcement coincided with his decision to rebrand Twitter into X Corp.
Thanks to Musk’s ongoing support, Dogecoin remains sensitive to news surrounding Musk, his company X, and now X.AI. Musk has been a vocal supporter of the meme coin for more than two years, frequently tweeting about it and hinting at its potential role in future financial services on the X platform.
The broader crypto market is also contributing to DOGE’s success, with Bitcoin reaching its highest levels since April 2022 above $44,000 on Tuesday. DOGE has already seen a 12% increase this month and a 60% increase since October’s lows.
With strong technicals and the overall market sentiment leaning towards optimism, it seems likely that Dogecoin will hit $0.10 soon.
Price predictions continue to turn bullish, leading to the question: Can Dogecoin (DOGE) rally all the way to $1.0 per token?
Dogecoin currently has a market cap of around $13.4 billion. Naysayers might argue that this is too much for a currency originally designed as a joke. However, Dogecoin boasts a huge base of highly engaged supporters and stands as an independent layer-1 blockchain, unlike other meme coins.
Given that the current supply of around 142 billion tokens implies a market cap of around $142 billion, it’s feasible that Dogecoin can reach $1 per token. If Bitcoin is expected to hit a market cap of $10 trillion or higher to rival gold, then why can’t Dogecoin hit a market cap of above $100 billion?