Dogecoin surged 12% in 24 hours, influenced by Elon Musk’s latest tweet, which drove investor interest in the meme coin.
Dogecoin outperformed the top 40 cryptocurrencies by rising nearly 18% over the past week, fueled by Musk’s ongoing support.
Despite being down from its 2021 peak, Dogecoin remains a top cryptocurrency, largely due to its dedicated fan base and Musk’s involvement.
Dogecoin, the first meme cryptocurrency, has made headlines again after seeing a % increase in the last 24 hours. Selecting the data from CoinGecko, the token is at $0.1287, a strong price increase. This impressive increase occurred after the tweet of the inventor of the Tesla electric car and the SpaceX rocket, Elon Musk. On Tuesday, Musk tweeted: "DOGE will fix problem," about a *Los Angeles article revealing that California officials had blocked SpaceX from more rockets. This tweet generated a lot of traffic on social media, especially among investors and the Dogecoin community, who believe that Musk's comments are a great reason to buy the coin. Although Musk’s tweet was technically about a “Department of Government Efficiency,” something along the lines of former President Donald Trump’s ideas about improving government, it didn’t take long for traders to get their hands on DOGE. Given that Musk has a history of touting Dogecoin, many assumed that his recent remarks were actually promoting a further rise in Dogecoin. Dogecoin was launched in 2013 as a joke to parody the inherent seriousness of Bitcoin and currencies in general. Since then, it has become the ninth largest in terms of market capitalization, worth nearly $18.5 billion. Down 83 % from its 2021 peak, Dogecoin has remained popular primarily because continues to support the coin. Yet, at his peak, Musk even shared comments about the token, which contributed to his
The Impact of Musk on Doge’s Future
Musk appears to have abandoned Dogecoin for good, and it is unclear whether he is still volunteering his time to collaborate with the core developers of Dogecoin to make DOGE more functional, as he did in 2021. However, the recent contribution to the market from social media is making the price difference for the coin. Staking is just one of the positive trends associated with Dogecoin, but Musk's activity on the networks doesn't seem to be slowing down anytime soon.