Cardano’s price could potentially surge into triple digits if Elon Musk were to promote ADA on his platform, X.
Amid the ongoing relief rally, Cardano has posted a modest 1.12% gain, rising to $0.6525 in the hours leading up to press time. Despite this, it is still down 50.51% from its December 3 peak of $1.3187 and has also fallen 78.94% from its $3.10 all-time high, recorded in September 2021.
Cardano’s ATH was driven by a broader crypto market rally and core ecosystem developments, particularly excitement surrounding the Alonzo hard fork. The upgrade introduced smart contract capability to the network.
Notably, other crypto assets, including Dogecoin, also reached new all-time highs in 2021. However, unlike Cardano, Dogecoin’s rally was largely influenced by the world’s richest man, Elon Musk.
Dogecoin’s Reaction to Elon Musk’s Endorsement
Stories of Dogecoin’s remarkable performance in the 2020/2021 cycle would not be complete without mentioning Musk’s role in promoting the asset on X.
For context, Musk’s first mention of DOGE on X dates back to July 18, 2020, when the token was trading around $0.003031. At the time, he replied to an X user’s query about Bitcoin, noting that he only sells DOGE. This single tweet pushed DOGE’s price to $0.003753 within a day, marking a 24% rally.
However, DOGE could not sustain the rally, plunging to $0.0024 a few months later. After the dip, Musk made yet another tweet containing “Dojo/DOGE” on November 17, 2020, and it triggered a climb to $0.004.
With DOGE retracing to $0.0038, Musk made an emphatic post about the asset on December 20, one month later. The post captioned, “one world: DOGE,” paved the way for a 55% upsurge in 24 hours, with Dogecoin’s price soaring to $0.0054 on December 21.
As the industry interpreted Musk’s tweet as an endorsement of DOGE, the token continued to rise and eventually reached $0.01 by January 2021.
Interestingly, a series of tweets from Elon Musk, including one featuring a moonshot with “DOGE” boldly inscribed on it and another announcing that Tesla’s online store would accept Dogecoin payments, propelled DOGE to its all-time high of $0.7376 in May 2021.
Overall, Dogecoin rallied 24,235% within a single year of Musk’s endorsement, growing from $0.0030311 to $0.7376 between July 18, 2020, and May 8, 2021.
Potential Cardano Price If Musk Promotes ADA on X
Given Musk’s previous endorsement of Dogecoin, many are now speculating on how Cardano might perform if it were to receive a similar level of support from the world’s richest man.
It’s important to note that Elon Musk is unlikely to endorse Cardano in the same way he did Dogecoin. The billionaire has long shown a preference for meme-based assets, with DOGE being his favorite.
However, projecting a similar growth trajectory for Cardano offers an interesting perspective. If ADA were to experience a rally comparable to Dogecoin’s 24,235% surge, its current price of $0.6525 could soar to approximately $158. The target has already featured in previous forecasts, with Google’s AI chatbot Gemini suggesting that ADA could trade between $100 and $300 over the 2031 – 2035 timeframe.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
