Tech billionaire Elon Musk has said that his social media platform X (formerly known as Twitter) is a Dogecoin (DOGE)-friendly place. As a result of Musk’s comment, DOGE’s price briefly rallied by 3.25%, reaching $0.064 earlier today.
Musk’s tweet has already gotten investors riled up, as they usually do. 25.69 million DOGE were purchased within just one minute of Musk’s tweet.
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Musk has been very vocal about his support for DOGE. He had even unveiled plans for a Dogecoin-themed project for his space exploration company, SpaceX. However, Musk’s support for DOGE has also landed him in tight situations. The billionaire was sued by investors who accused him of insider trading. According to the plaintiffs, Musk sold $124 million worth of DOGE in April. This is right after he changed X’s (then known as Twitter) logo to the DOGE mascot.
Dogecoin to reach $1 upon X integration?
Musk has previously expressed interest in integrating Dogecoin (DOGE) payments within the X platform. However, we do not have a tentative date for when the update might happen. Nonetheless, many expect DOGE’s price to skyrocket when it does come to fruition. According to Altcoin Daily, DOGE could reach $1 or even $5 after its integration with X.
Reaching $1 would translate to a growth rate of about 1487%. If an investor purchases $100 worth of DOGE at current prices, the investment would turn into $1587 if DOGE reaches $1. On the other hand, reaching $5 would mean a growth rate of 7836%. The $100 investment in this scenario would turn into $7936 if DOGE reaches $5.
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