Elon Musk has now officially backed Bitcoin in one of his recent statements. Musk has keenly announced the launch of his new “America Party,” which is set to embrace Bitcoin. In one of Musk’s recent X interactions, the Tesla CEO was asked whether his party would back Bitcoin, to which Musk responded yes, stating how he believes “fiat is hopeless.” Tesla CEO’s BTC push has triggered a wave of spikes in the market, as bullish momentum takes over major coins, including Dogecoin (DOGE) and Cardano (ADA).
Also Read: What’s Dogecoin Doing This Independence Day? ChatGPT Predicts
Musk Backs BTC: What About Dogecoin?
Musk has officially announced that the Tesla CEO’s America Party is all set to back Bitcoin. In one of Musk’s recent X exchanges, the X CEO was documented stating how he thinks fiat is hopeless, favoring Bitcoin in its place. This move has led the world to recharge their speculative batteries, betting on whether Musk’s Bitcoin addition can also trigger a massive price spike for crypto coins like Cardano (ADA) and Dogecoin (DOGE).
Dogecoin is once again gaining mainstream attention in the midst of the Trump-Musk feud. With Musk’s political party officially backing Bitcoin, the rumors of Dogecoin “emerging as a leading political asset” have now started to gain attention once again.
A friendly piece of advice for Dogecoin holders:
The political tension between Elon Musk and Donald Trump may soon escalate. Doge is no longer just a meme token — it’s become a political meme asset, and that makes it a risky coin to hold long term.Let’s not forget:
🔸 Unlimited… pic.twitter.com/5iPI9PjSQ4— Coin Borsa X (@CoinBorsaX) July 4, 2025
Dogecoin has now rallied 6% at press time, shortly after Musk’s BTC comments spread like wildfire in the market. DOGE is currently sitting at $0.17, up 6% in the last 24 hours.
At the same time, the majority of the cryptocurrency coins right now are in green, favoring Musk’s bullish Bitcoin wave.
Can ADA and Doge Move Towards $1 Amid Positive Market Momentum?
As far as the markets are concerned, the technical indicators are flashing a cautious approach for these two coins.
Per CoinCodex, Dogecoin may hit the $1 mark in 2050.
“According to our current Dogecoin price prediction, the price of Dogecoin may rise by 563.00% and reach $1.144698 by December 25, 2050. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 66 (greed). Dogecoin recorded 15/30 (50%) green days with 6.40% price volatility over the last 30 days. Based on the Dogecoin forecast, it’s now a bad time to buy Dogecoin.”
For ADA, the coin may surge to hit $1 by the year 2030.
“According to our current Cardano price prediction, the price of Cardano may rise by 119.12% and reach $1.285251 by December 30, 2030. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 66 (greed). Cardano recorded 15/30 (50%) green days with 7.93% price volatility over the last 30 days. Based on the Cardano forecast, it’s now a bad time to buy Cardano.”
However, if Musk ends up detailing a new pathway for crypto adoption, then these coins may end up skyrocketing to $1 sooner rather than later.
