Dogecoin Path To Fresh $1 All-Time High Brightens After Elon Musk Admits He Has A Soft Spot For DOGE

The highly-awaited Bitcoin 2024 Conference came and went by without Tesla/SpaceX CEO Elon Musk making an appearance alongside former President Donald Trump, which many people expected as the event drew closer. However, that did not stop the erratic billionaire from speaking about crypto over the weekend.

Speaking at the X Takeover podcast, hosted by Tesla Owners Silicon Valley on July 28, Musk answered a question about his current thoughts on Bitcoin.

The serial tech entrepreneur noted that he does think “there is merit in Bitcoin and maybe some other cryptos.” He admitted that he has a soft spot for the original doggy-themed meme cryptocurrency, Dogecoin (DOGE), simply because he likes “dogs and memes.” Musk has notably been professing his love for Dogecoin for several years now.

The X owner clarified that he does not plan to promote any crypto asset. The most he would do, though, he continued, was to do it “in a joking way.” He also indicated that if anyone sees a video where he is pumping crypto, they should know it’s a deepfake fraud.

Notably, Musk’s X recently axed the Bitcoin emoji hashtag. Previously, users could type the hashtag “#Bitcoin” and the logo of the world’s largest crypto would appear alongside it. That now doesn’t work, leaving the community puzzled.

Musk’s Tumultuous Relationship With Crypto

While electric car extraordinaire Musk has largely gone off crypto compared to his 2021 interest in the asset class, he continues to be one of the Bitcoin price’s prime movers. Musk’s social media antics have sparked huge price swings in BTC, DOGE, and other cryptocurrencies.

When Tesla announced it had added Bitcoin to its balance sheet in early 2021, the BTC price sharply increased, sparking speculation that other companies could follow in its footsteps.

Tesla eventually sold a portion of its Bitcoin holdings and stopped accepting it as payment for its electric vehicles. The EV giant still holds roughly 9,720 Bitcoin worth around $653 million and accepts DOGE for merchandise. Musk has also indicated that his space exploration company, SpaceX, holds some BTC, Ether, and DOGE.

Wen $1 DOGE?

Crypto enthusiasts have long speculated as to whether he would integrate Dogecoin into the platform as he aims to build an “everything app.” However, as ZyCrypto previously reported, Musk’s plan does not seem to include crypto.

DOGE trades at $0.1292 at press time, down a paltry 0.9% on the day and 8.2% in the past week as it continues to trade sideways.

Looking ahead, Dogecoin’s path to a $1 price remains uncertain. Yet, amidst the uncertainty, there is hope that DOGE will zoom past the $0.20 psychological resistance zone, paving the way for a potential surge to the coveted $1 mark or even higher prices.