Dogecoin's Journey To $1: How Much Does It Need To Jump Today?

In a highly-anticipated biography set to be published on Sept. 12, details have emerged about Tesla CEO and X owner Elon Musk’s discreet financial contributions to the development of Dogecoin DOGE/USD. 

What Happened: Written by Walter Isaacson, the book sheds light on Musk’s involvement and his consideration of creating a blockchain-based social media platform

According to Isaacson’s revelations, Musk “quietly funded” Dogecoin and even discussed the possibility of incorporating a payment system using the popular meme coin. These insider details are expected to be disclosed within the pages of the upcoming biography.

Will Musk Embrace DOGE On X?  Ask industry experts directly at Benzinga’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy

Why It Matters: To reach the milestone of $1 per Dogecoin, the market capitalization of DOGE would need to soar to an astonishing $140 billion.

It’s worth noting that at present, DOGE’s current market cap stands at $8.83 billion. In comparison, Bitcoin BTC/USD boasts a market cap of $541 billion, while Ethereum ETH/USD sits at $195 billion.

For DOGE to bridge the gap and achieve this desired milestone, it would need to undergo a 1494.9% increase.

Price Action: At the time of writing, DOGE was trading at $0.062, down 0.56% in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Spike After JPMorgan Enters Blockchain Deposit Tokens: Analyst Says BTC Is ‘Going Higher Soon’