Dogecoin (DOGE) has garnered quite a following over the last decade. The original memecoin has attained a cult-like…

Dogecoin (DOGE) has garnered quite a following over the last decade. The original memecoin has attained a cult-like status within the crypto space and the larger online community. DOGE’s incredible success has led to the asset finding fans in tech moguls like Elon Musk.

Why Elon Musk’s Favorite Crypto, Dogecoin, May Surge in 2025

Musk has publicly stated that Dogecoin (DOGE) is his favorite crypto project. The world’s richest person has cited the project’s non-serious nature as one of his reasons for liking the cryptocurrency. Musk has gone as far as to enable DOGE payments for Tesla and SpaceX merchandise.

Also Read: Elon Musk’s xAI Joins Telegram in $300M Grok Partnership

We already know that a DOGE ETF application is currently awaiting approval at the SEC. There is a high chance that the financial watchdog will greenlight a spot DOGE ETF sometime this year. There is also a high chance that Musk’s X social media platform will accept DOGE in its upcoming payment feature. Both developments could lead to a massive price spike for the asset. While the developments would be incredibly bullish, we do not have any confirmation if both will come to fruition.

Apart from the ETF and the possibility of being included on X Money, Dogecoin (DOGE) could also experience a price surge if Bitcoin (BTC) sees another bullish leg. BTC and DOGE share a correlation coefficient of 0.84. A BTC rally could trickle into DOGE. According to the Binance founder Changpeng Zhao, BTC could hit somewhere between $500,000 and $1 million this cycle. BTC hitting the $1 million mark could lead to a massive price spike for Dogecoin.

Dogecoin (DOGE) may also experience a surge in adoption this year. The asset’s price could skyrocket if we witness another 2021-like rally. The memecoin had an incredible run during the 2021 bull market. If we see a surge in retail investment, the memecoin could finally breach the $1 mark, if not beyond.