[Musk reveals his attraction to Dogecoin: love of humor, dogs and memes]
Although the upward trend of Dogecoin (DOGE) has retreated somewhat, with the current price at $0.1459, it is still up 2.03% in the past 24 hours, and has gained 29.23% in the past seven days. This surge is related to Musk’s comments that he likes Dogecoin’s sense of humor and often makes DOGE-related jokes, which is in line with his personal preferences.
Musk has also recently deepened his political ties to Trump, donating $75 million to his campaign, fueling speculation that Trump might implement cryptocurrency-friendly policies if re-elected. Additionally, Musk further solidified his support for cryptocurrencies by endorsing pro-crypto attorney John Deaton’s bid for Senate.
In August of this year, when Musk was asked whether he would lead a hypothetical government department, he humorously responded with "D.O.G.E.", which triggered the market's attention to Dogecoin. Musk has repeatedly mentioned that DOGE will cause its price to fluctuate, which has become a recurring phenomenon.
Since DOGE reached a high of $88 billion in market capitalization in 2021, the coin has experienced multiple fluctuations. In March 2024, as Bitcoin surged on the ETF approval, DOGE also rebounded to $0.22. Despite falling 10% in June on concerns about rising interest rates, the recent bullish trend shows a resurgence of investor interest in DOGE.
