Dogecoin (DOGE) is back in the green after Elon Musk made not one but two subtle nods to the coin on X (formerly Twitter) yesterday. Musk’s tweets were enough to send DOGE on yet another rally. While Dogecoin bulls watch the price action toward the coveted $1 mark, some traders speculate whether Solaxy (SOLX), a new Solana-based Layer-2, might beat it to that target after its presale wraps up.
Elon Musk Tweets Send DOGE Rocketing Again
Elon Musk might not frequently mention Dogecoin anymore, but when he does – even with just a couple of emojis – it can significantly impact the market. Yesterday, Musk replied twice to tweets from @cb_doge, better known as “DogeDesigner,” who is a well-connected figure within the Dogecoin ecosystem.
The first response was to a photoshopped image calling Musk “The Dogefather,” which prompted a cool emoji from him. The second tweet, another humorous image captioned “Trust me, they do call me the Dogefather,” earned a fire emoji from Musk. That was all it took for DOGE to see a noticeable increase in demand, climbing 4% to $0.195, with spot trading volumes hitting $2 billion—more than both BNB and ADA in the past 24 hours.
Crypto traders know this isn’t the first time Musk has sent Dogecoin soaring with a tweet. His influence over the coin is significant, and recent trading activity indicates that influence remains strong.
Can DOGE Really Hit $1 in April?
The question arises: could Dogecoin actually hit $1 in April? It’s an interesting thought, but the road there isn’t straightforward. DOGE reached its all-time high of $0.737 back in May 2021, granting it a market cap exceeding $82 billion. Currently, it sits about 73% below that point, with an increase to $1 requiring a 412% surge from present levels—a considerable challenge, especially for a coin that has matured considerably since its explosive debut.
However, this scenario isn’t entirely implausible. If a spot DOGE ETF were to be approved unexpectedly (Grayscale and Bitwise have proposals under consideration), some analysts suggest DOGE could capture a share of the inflows typically directed toward Bitcoin ETFs. Coupled with Musk’s ongoing support and the potential integration of DOGE into X, there remains room for a potential rally toward the $1 mark. While it’s not guaranteed, the unpredictability of meme coins means anything is possible.
Could Solaxy L2 Hit $1 Before Dogecoin? SOLX Token Presale Passes $28M
While Dogecoin’s path to $1 appears challenging, Solaxy may present a more viable option for reaching that milestone in the short term. Unlike DOGE, which has a massive market cap, Solaxy is just beginning its journey and is currently in the presale phase, having raised over $28 million, with the SOLX token priced at just $0.001674.
This translates to a staggering 59,600% gain to reach $1, but history has shown that low-cap projects can achieve remarkable highs. Examples like PEPE and BOME illustrate this potential. Moreover, Solaxy aims to be more than merely another meme coin. As a Layer-2 built on Solana, it is crafted to address real issues such as network congestion by employing off-chain processing to relieve the main network’s load while maintaining Solana’s renowned transaction speed.
Solaxy also has a live staking protocol during the presale, offering APYs of 145%. YouTuber CryptoJack, with over 250,000 subscribers, believes these features could facilitate SOLX’s rise post-listing on a decentralized exchange (DEX).
Although the Solaxy team has yet to announce a DEX listing date, anticipation is building on Telegram, with early investors preparing for SOLX’s market debut. Given its relatively modest market cap compared to Dogecoin, SOLX requires a smaller push to achieve noteworthy price increases, making the $1 target seem within reach.
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