Urgent: This is how Elon Musk and Trump contributed to the strong purchase of this digital currency
Dogecoin was not among the most losing digital currencies since the beginning of September, as the currency that started the first days of the month with a decline exceeding 6% later succeeded in reducing its losses since the beginning of the month until now to -5.9% thanks to some profitable days.
Elon Musk's name was associated with the two biggest jumps of the dog currency in September, as the currency rose on September 2 and September 7 by 4.2% and 3.07% respectively, and this happened after the presidential candidate and former president, Donald Trump, announced his intention to appoint Elon Musk as Minister of the Ministry of Government Efficiency
It happened that the abbreviation of the name of this department is Department of Government Efficiency, which is DOGE, which opened the door to promoting the dog currency that Elon Musk has always talked about and was associated with and was among its biggest supporters.
Doge bulls’ dreams of Elon Musk adopting Dogecoin as a payment method on his X platform, formerly Twitter.
From an on-chain data perspective, Elon Musk’s recent actions have led to a significant spike in the social currency dominance of Dogecoin (DOGE). This spike indicates increased activity in the DOGE discussion.