Elon Musk's DOGE Deliberation Sparks Crypto Frenzy: Is $1 DOGE Feasible?

Elon Musk's recent remarks regarding Dogecoin (DOGE) have stirred significant interest in the cryptocurrency community, particularly in terms of its price trajectory. Musk, a long-time supporter of DOGE, expressed openness to enabling Dogecoin payments for Tesla vehicles during a Q&A session at Tesla's gigafactory in Berlin. Despite acknowledging DOGE's environmental concerns associated with its proof-of-work consensus mechanism shared with Bitcoin, Musk emphasised his support for the token as "the people’s crypto." Notably, Tesla briefly accepted Bitcoin payments for its cars in 2021 before halting the program due to environmental considerations, raising questions about potential obstacles to DOGE's adoption for Tesla purchases. Nevertheless, Musk's endorsement prompted a notable uptick in DOGE's price, with the token experiencing a 15% gain following his comments, though it subsequently retraced. The bullish sentiment persists, especially if Tesla were to integrate DOGE payments on a large scale, potentially driving the token's price towards the $1 mark, which would imply a market capitalization of approximately $140 billion, making it comparable to Ethereum's and Bitcoin's market caps.