Dogecoin Price Up As Elon Musk Reaffirms Support, Solana Meme Coins Dogwifhat and Smog Also Explode

General

The extremely bullish event that Dogecoin investors were waiting for finally happened on Wednesday. Addressing an audience of Tesla customers, billionaire Elon Musk finally reaffirmed his support for the top meme coin with the trademark cry of “Doge to the moon”.

More importantly, in response to a question from one of the audience members, Musk revealed that Tesla will soon start accepting Dogecoin payments for its EVs. Customers will soon be able to buy a Tesla with Doge in what would be a major boost to the legitimacy of the meme coin which was initially started as a joke.

Unsurprisingly, the Dogecoin price skyrocketed, jumping 14% from $0.166 to $0.1894 in the span of a few hours. Analysts believe that this upside move is only the start of a much larger Doge price rally which could see the meme coin hit $1 in April itself.

Solana meme coins are also pumping on Thursday, thanks to the Solana price hitting a new yearly high of $168. Dogwifhat reached a new all-time high of $3.27, while Smog also surged by 50% in 24 hours.

Analysts believe Smog could be the next Solana meme coin to hit a $1 billion market cap.

Elon Musk Backs Dogecoin Again – How High Can $DOGE Go?

Elon Musk has been the biggest supporter of Dogecoin – and also the most bullish catalyst for its price. Musk’s support has been responsible for some of the biggest appreciation in the Doge price.

However, the Tesla and X CEO found himself in the midst of a $258 billion lawsuit that accused him of insider trading with Dogecoin and artificially inflating its price. This resulted in Musk being extremely cautious in his support for the meme coin, which was one of the biggest reasons behind Doge’s tepid price action.

That is no longer the case. Musk appeared vociferous in his backing of Dogecoin yesterday, which could signal that his defense against the lawsuit has been going reasonably well. His attorneys had previously asked the court to dismiss the case altogether.

Furthermore, accepting Doge for Tesla EVs would definitely be a major deal for the meme coin and would go a long way in helping it shake off its “joke” status amongst mainstream investors. Musk’s companies Tesla and SpaceX have previously accepted Doge payments, but only for merchandise.

Elon’s proclamation yesterday also gives strong legitimacy to the claims that Dogecoin would also be a part of his vision for the X platform.

Doge still remains an excellent investment, considering it is still 74% below its previous all-time high. Experts have repeatedly claimed that Dogecoin will hit $1 during this bull run – however, analyst Ali Martinez recently claimed that the top meme coin is poised for such a strong breakout that it could reach $1 in April itself.

Solana Meme Coins Remain In High Demand

Dogecoin’s breakout will not take any attention from the Solana meme coins that simply continue to push towards new highs.

After all, Solana remains one of the biggest crypto gainers, reaching a new yearly high of $168 on Thursday. Smart-money traders are still using meme coins as beta bets on their respective blockchains, resulting in tremendous growth in tokens suich as Dogwifhat.

$WIF reached a new all-time high of $3.27 on Thursday, rallying over 40% in the past 24 hours. It is now the 45th largest cryptocurrency on CoinMarketCap, with a market cap of $3.17 billion. Popular crypto investor and co-founder of BitMEX Arthur Hayes, who has close to 500k followers on X, states that Dogwifhat will soon hit $10 in the coming weeks.

Could Smog Be The Next Solana Meme Coin To Reach $1 Billion?

Smog has been another Solana meme coin that has caught fire and delivered spectacular returns.

Buoyed by the Sol price rally on Wednesday, the Smog price skyrocketed by over 50% in the span of 24 hours. Since its launch on the 7th of February, it has rallied by a staggering 18,000% to currently trade at $0.276.

Notably, Smog currently has a market cap of just over $200 million and therefore has the ability to offer much higher returns than Bonk and Dogwifhat due to its relatively smaller size.

Analysts project the token to continue its upside move in the coming weeks, with Jacob Bury’s Smog price prediction of up to 1000x potential returns hinting at the possibility of the meme coin hitting the $1 billion market capitalization.

After all, its upcoming ambitious airdrop event will only lead to more demand. Smog promises the “greatest airdrop in Solana history”, aiming to reward over 10,000 token holders. Investors simply need to register on Zealy and complete its daily quests to earn more airdrop points to receive a larger allocation.

Interested buyers can now purchase Smog with ETH as well at a limited-time 10% discount. This allows them to stake their holdings to earn staking rewards at 42% APY, while also qualifying for the airdrop.

Visit Smog Website

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