Here is How High Dogecoin Price can Go If DOGE is Used as Payment Method Across Musk’s Entire Ecosystem

The Dogecoin price could witness a massive growth from utility-driven demand if it serves as a payment method across the Elon Musk ecosystem.

Dogecoin has seen its price fluctuate rapidly over the years amid growing utility. However, in recent months, the meme coin has continued to observe bearish pressure as the broader market fails to find its footing.

The Elon Musk Factor

Despite these fluctuations, some analysts believe that broader adoption could lead to a massive appreciation in Dogecoin price. The extent of this potential surge, however, remains uncertain, but some believe billionaire Elon Musk could contribute to it.

Elon Musk, the entrepreneur behind companies like Tesla and SpaceX, has been a vocal supporter of Dogecoin. His endorsements have often influenced the cryptocurrency’s price movements. 

For instance, in early November 2024, talks about starting the Department of Government Efficiency (D.O.G.E) contributed to a rise in Dogecoin price. This allowed the meme coin to add $2.5 billion to its market cap. However, most expect the largest spike to come from DOGE’s adoption as a payment method in the Musk ecosystem.

Valuation of the Musk Ecosystem 

The combined valuation of Musk’s business ventures is substantial. Currently, Tesla’s market capitalization stands at approximately $847 billion. SpaceX is worth around $350 billion. xAI, Musk’s artificial intelligence company, has an estimated valuation of $80 billion, according to a recent disclosure. 

Meanwhile, X (formerly Twitter) holds a valuation of about $33 billion. Further, the Boring Company and Neuralink are respectively worth $7 billion and $8 billion. Collectively, these valuations amount to a combined market capitalization of approximately $1.325 trillion.

Integrating Dogecoin as a payment method across Musk’s extensive business ecosystem could impact its value. To explore this possibility, we consulted ChatGPT, the AI language model from OpenAI, for some pointers.

Dogecoin Price if It Is Integrated in the Musk Ecosystem 

ChatGPT suggests that if Dogecoin were adopted as a standard payment method across Musk’s companies, the increased utility and demand could drive its price upward. 

Currently, with a trading price of $0.17 and a circulating supply of approximately 141 billion coins, Dogecoin’s market cap is around $24 billion. 

According to ChatGPT, if the market cap increased to $100 billion due to widespread adoption, Dogecoin price could rise to $0.70. A market cap of $250 billion might see the price reach $1.77. Further, it suggested Dogecoin price could hit $3.55 if its valuation hits $500 billion. Meanwhile, a $1 trillion cap would lead to a Dogecoin price of $7.10.

Interestingly, ChatGPT then presented what it called a realistic scenario for Dogecoin price appreciation. The chatbot noted that if Dogecoin becomes the default payment method across the Musk ecosystem, a market cap of $250 billion to $500 billion, translating to a Dogecoin price of $1.4 to $3.5, is not impossible.

These Dogecoin price projections assume that the circulating supply remains constant and that the increased adoption directly translates to market capitalization growth. However, the prospect of the Musk ecosystem leveraging Dogecoin as a payment method remains unlikely at press time.