Musk today posted a 'DOGEFATHER' portrait on his X account, triggering a 2.92% increase in the market value of the meme coin Dogecoin (DOGE).
As of this writing, the trading price of $DOGE is $0.3950, up 2.92% following Musk's teasing. The market capitalization of $DOGE surged 4.40% to reach $57.55 billion. Additionally, the 24-hour trading volume of $DOGE climbed 25.83% to $9.22 billion.
Musk is affectionately referred to as the 'Father of Doge' by the DOGE community. He often makes 'subtle jokes' about Dogecoin while carefully avoiding direct endorsement. However, for the DOGE community, even casual hints are enough to spark a significant increase in investment.
In fact, when then-President Donald Trump initially proposed that Elon Musk join his administration, he accepted the suggestion to name the newly created department for cutting government spending as the 'Department of Government Efficiency (DOGE)'. At that time, a meme coin launched for humorous purposes received unprecedented attention.
Currently, Musk and Republican Vivek Ramaswamy will lead 'DOGE', even unveiling the department's logo featuring the iconic 'DOGE dog' (which is not surprising).
Musk recently revealed that he personally still holds a significant amount of Dogecoin, while SpaceX holds a substantial amount of Bitcoin (BTC). This disclosure further strengthens his ties to cryptocurrency and memecoins.
The chain reaction caused by Musk's comments regarding SpaceX's Bitcoin portfolio saw the price of Bitcoin briefly soar to $92,000 in the morning, while it was around $89,000. Notably, as of this writing, Bitcoin has recorded a 2.9% increase since Musk announced the news, trading at $91,663.83.
