Elon Musk, known for his influence in the world of cryptocurrencies, has once again generated excitement in the Dogecoin community. Recently, during a rally alongside Donald Trump in Folsom, Pennsylvania, Musk responded to a question about the proposal to lead a Department of Government Efficiency (DOGE) with a succinct 'Yes, DOGE.' Although he was referring to the acronym of the department, many interpreted his comment as a backing for the cryptocurrency Dogecoin, leading to a 15% increase in its value in the following 24 hours.
This is not the first time Musk has impacted the Dogecoin market. In March 2024, he hinted that Tesla could accept Dogecoin as a payment method for its vehicles in the future, which caused a significant increase in the cryptocurrency's price.
Despite his support, Musk has warned on several occasions that he does not advise anyone to invest in cryptocurrencies or bet on Dogecoin, highlighting that his interest in it is due to its humor and the fact that it features dogs, elements he finds appealing.
The relationship between Musk and Dogecoin has been the subject of controversy. In 2022, he faced a class-action lawsuit accusing him of manipulating the Dogecoin market for his benefit. Although the lawsuit was dismissed in August 2024, the incident underscores the influence that Musk's statements can have on cryptocurrency markets.
Currently, Dogecoin is trading around $0.31 per unit, with a slight decrease in the last 24 hours.
The Dogecoin community closely follows Musk's actions and statements, aware that any mention can influence the value of the cryptocurrency. However, it is essential for investors to conduct their own research and make informed decisions, considering the inherent volatility of the cryptocurrency market.
In summary, Elon Musk's interactions with Dogecoin continue to create significant movements in the market, reflecting the sensitivity of cryptocurrencies to the opinions of influential figures.
