The Musk Effect is back! Dogecoin surged 12% in 24 hours!
Just yesterday, Dogecoin skyrocketed after Trump casually mentioned it at an event, leaving other similar cryptocurrencies far behind. Trump held an event at Madison Square Garden, and with just a mention of the Department of Homeland Security, Dogecoin's price shot past the $0.16 mark. While Dogecoin is an established cryptocurrency, its current performance is as hot as those trendy political financial tokens.
Whenever Elon Musk appears, the audience goes wild, shouting his name, and Musk enthusiastically responds, 'You guys are amazing!' This positive atmosphere directly propelled Dogecoin's rise.
Musk's action this time may make more people aware of Dogecoin. Indeed, every time Musk makes a move, Dogecoin's price tends to soar, and it has now reached $0.1652, increasing 12% in one day.
In recent days, Dogecoin's price has fluctuated between $0.08 and $0.12. However, this significant surge has given everyone a new hope for high-risk cryptocurrencies, with some even predicting Dogecoin could approach $1. Cryptocurrency trading experts say Dogecoin's short-term target is at least $0.2, and as the U.S. presidential election season progresses, it may rise even more.
Dogecoin is particularly sensitive to Musk's social media influence, recently rising alongside Bitcoin, while other assets struggle to keep up.
Although Dogecoin is still a relatively simple cryptocurrency, a project called Dogebox is striving to make it more powerful, aiming to transform it into an application platform. This project can handle voting, app development, and e-commerce. There are even discussions about turning Dogecoin into a proof-of-stake token, although its underlying structure is quite different from other similar cryptocurrencies.
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