Dogecoin Pumping After Elon Musk Tweet, Could DOGE or Solaxy Hit $1 in April?
Dogecoin (DOGE) is back in the green after Elon Musk made not one but two subtle nods to the coin on X (Twitter) yesterday.
Musks tweets were enough to send DOGE on yet another rally.
But while Dogecoin bulls eye the $1 mark, some traders are wondering if 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 say much about Dogecoin anymore, but when he does even with just a couple of emojis it tends to shake things up.
Yesterday, Musk replied twice to tweets from @cb_doge, better known as DogeDesigner, a well-connected figure in the Dogecoin ecosystem.
The first was a photoshopped image calling Musk The Dogefather, which he replied to with a cool emoji.
The second, another joke image with the caption Trust me, they do call me the Dogefather, earned a fire emoji from Musk.
And that was all it took.
DOGE saw a noticeable bump in demand, climbing 4% to $0.195, with spot trading volumes hitting $2 billion.
Thats more than BNB and ADA in the past 24 hours.
Crypto traders will know that this isnt the first time Musk has sent Dogecoin flying with just a tweet.
His influence over the coin runs deep and the recent trading activity suggests that influence remains powerful.
Can DOGE Really Hit $1 in April?
Could Dogecoin hit $1 in April?
Its a fun thought, but the road there isnt exactly smooth.
DOGE hit its all-time high of $0.737 back in May 2021, giving it a market cap of over $82 billion.
Right now, its still about 73% below that high, and a jump to $1 would mean a 412% surge from current levels.
Thats a big ask especially for a coin thats been around long enough to lose some of its explosive newcomer energy.
However, its not impossible.
If a spot DOGE ETF gets a surprise approval (Grayscale and Bitwise have proposals in the pipeline), some analysts think DOGE could soak up some of the spot Bitcoin ETF inflows.
That potential rush of cash, combined with Musks backing and the chance that DOGE gets integrated into X, gives it scope for a run toward $1.
Its not a given, but anything can happen when it comes to meme coins.
Could Solaxy L2 Hit $1 Before Dogecoin? SOLX Token Presale Passes $28M
While Dogecoins path to $1 looks like a struggle, Solaxy might have a better shot at hitting that milestone at least in the short term.
Unlike DOGE, which is already a massive-cap coin, Solaxy is just getting started.
Its currently in presale and has already raised over $28 million, with the SOLX token priced at just $0.001674.
That means a run to $1 would require an enormous 59,600% gain but in crypto, low-cap projects have pulled off crazier moves.
Just look at PEPE and BOME as prime examples.
Plus, Solaxy aims to be more than just another hype-driven meme coin.
As a Layer-2 built on Solana, its actually designed to solve real issues like network congestion.
It uses off-chain processing to ease the load on the main network and features a cross-chain bridge to Ethereum.
Importantly, it still keeps Solanas famously fast transactions intact.
Solaxy even has a staking protocol thats live while the presale is ongoing, offering APYs of 145%.
YouTuber CryptoJack, who has over 250,000 subscribers, believes these features could help SOLX surge after it lists on a DEX.
The Solaxy team hasnt set a DEX listing date yet.
But the hype is already building on Telegram, where early investors are getting ready for SOLX to hit the open market.
With a much lower market cap than Dogecoin, SOLX doesnt need as much of a push to make exponential price jumps, making the $1 mark not as crazy as it sounds.
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