Thanks to Elon Musk and bitcoin, DOGE rises more than 40% in October

Recent mentions from the CEO of Tesla seem to be driving the price of the memecoin.

Dogecoin is a memecoin that pays tribute to a viral Internet dog.

DOGE is the memecoin with the largest market capitalization.

Cryptocurrencies tend to follow the price increase of bitcoin (BTC).

The price of dogecoin (DOGE), the memecoin that pays tribute to a viral Internet dog, increased by 40% during the month of October. The rise of bitcoin (BTC) and Elon Musk's mention were the catalysts that triggered the bullish rally.

The relationship between the CEO of Tesla and the meme cryptocurrency with the largest market capitalization is not new. For years, Musk has been flirting with the dog community, after he was proclaimed CEO of DOGE on April 2, 2019, on the festive date of April Fool’s Day. Thus, any mention by the entrepreneur about dogecoin has had a positive impact on its price.

One of the latest occurred on October 17. As reported by CriptoNoticias, Musk participated in a presidential campaign rally for Donald Trump, where an attendee asked the South African if he would lead the hypothetical Department of Government Efficiency, whose initials coincide with the ticker of the cryptocurrency DOGE.