The price of Dogecoin has risen more than 7% in the past 24 hours, outperforming Bitcoin and the Shiba Inu. This price rise is primarily thanks to the world’s richest man, Elon Musk, who continues to indirectly support the first meme coin.
Why did the price of Dogecoin increase by more than 7%?
The price of Dogecoin rose more than 7% after Musk’s tweet, in which he alluded to “DOGE.” “DOGE will fix it,” Musk simply said in his post, in response to another post asserting that politicians and bureaucrats are the biggest threat to humanity. Progress and prosperity.
The abbreviation stands for “Government Efficiency Administration,” a position Musk could hold under a Donald Trump administration. The former US president said that if elected, he wants to use Musk’s experience to limit excessive government spending.
Musk coined the term “DOGE,” and members of the Dogecoin community believe this was intentional, considering Musk’s fondness for the DOGE meme coin. Therefore, Musk’s continued use of this term has been taken to mean indirect support for the first meme coin. Furthermore, the logo of the Government Ministry of Efficiency is a Shiba Inu, which is similar to the Dogecoin logo.
Given the impact of Musk’s “DOGE” posts on the price of Dogecoin, a Donald Trump victory and Musk taking over as head of this division could provide a major boost to the first meme coin.
Right now, the DOGE community is concerned about the fact that Dogecoin price is one of the biggest gainers in the last 24 hours. The meme currency outperformed Bitcoin and the Shiba Inu currency, which failed to record any significant gains during this period. This is undoubtedly a positive thing, given that the meme coin has so far lagged behind these currencies.
Elon Musk could be the key to a Dogecoin bull market
Given his continued support of the first meme coin, Elon Musk could be the key to a Dogecoin bull market. The price of Dogecoin has so far lagged behind other memecoins this market cycle, raising questions about whether DOGE can repeat its previous highs.
While this remains to be seen, Musk could contribute to any potential rally that Dogecoin price enjoys in the latter stages of this rally. This is based on the fact that the world’s richest man has teased providing additional use cases for the meme coin by making it a payment option for purchasing Tesla cars and merchandise.
In addition, there is still speculation that Dogecoin could be integrated into the X platform’s payment service upon launch. This would be huge for DOGE adoption, considering how many X users could use the meme coin.
At the time of writing, Dogecoin’s price is trading at around $0.12, rising over the past 24 hours, according to CoinMarketCap data.
DOGE price still maintains its gains Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
