Elon Musk's Post Lifts Dogecoin 6.5%; Breakout?

Dogecoin, the biggest memecoin by market value, was mentioned by Tesla's CEO on X. Crypto investors and DOGE fans went crazy at Elon Musk's remark on the token's price. A huge breakthrough is expected after the latest spike,


Elon Musk addressed the top memecoin by market size in his answer to Donald Trump's political proposal in a recent X post. Former US president said he would consider assigning Musk to an advisory or government post if he wins.

Reuters said that the Republican presidential contender labeled X's owner “brilliant guy.” He also said he would hire Musk if he was interested. “He’s smart. I would if he did it, Trump remarked.


Tesla's CEO replied, “I'm willing to serve,” with an AI-generated picture on X. Musk was seen on a pedestal with “Department Of Government Efficiency” and “D.O.G.E” on top.

Crypto investors immediately recognized the connection and expressed their enthusiasm. Many community members saw Musk's statement as an optimistic indicator that memecoin is headed “to the moon” again.

Others found previous X postings where Musk, the “Dogefather,” supported Dogecoin against the global banking system.

Musk explained his crypto views before the endorsement. At the end of July, NewsBTC reported that the CEO attended The X Takeover virtually.

Musk said he wouldn't endorse crypto but could joke about it. Due to his love of dogs and memes, he also likes Dogecoin.

The memecoin recovered 9.3% after the August 5 meltdown, when it lost support above $0.1 and fell to $0.08. Dogecoin rose 6.5% to $0.1056 in 24 hours after Musk's remark.

From one day earlier, memecoin trade volume rose almost 50% to $699.5 million. Due to DOGE's previous performance, several market experts believe “all eyes are awaiting a breakout.”

Galaxy Trading predicts that memecoin will “lead the charge in the very near future” given its success. The trader calls DOGE a “key signal for the entire crypto space.”

#DOGE #Elonmusk #Dogecoin @Doge Coin $DOGE