Dogecoin surged 12% in 24 hours, influenced by Elon Musk’s latest tweet, which drove investor interest in the meme coin.
Dogecoin outperformed the top 40 cryptocurrencies by rising nearly 18% over the past week, fueled by Musk’s ongoing support.
Despite being down from its 2021 peak, Dogecoin remains a top cryptocurrency, largely due to its dedicated fan base and Musk’s involvement.
Dogecoin, the first meme cryptocurrency, hit headlines again after experiencing a rise of 12% within the past 24 hours. Picking data from CoinGecko, the token trading at $0.1287, a big jump in price. This impressive increase occurred after the tweet by the billionaire inventor of the Tesla electric car and SpaceX rocket firm, Elon Musk.
On Tuesday, Musk tweeted: “D.O.G.E will fix it,” about a report in *The Los Angeles Times* revealing that California officials had prevented SpaceX from launching more rockets. This tweet has generated much traffic on social media, especially among investors and the Dogecoin community, who believe that Musk’s words are an excellent guide to buying the coin.
https://twitter.com/elonmusk/status/1846145126868926818
While Musk’s tweet was technically about a hoax, “Department of Governmental Efficiency,” something connected to ex-President Donald Trump’s ideas about government improvement, it did not take traders long to associate the product with DOGE. As Musk has a history of aggressively touting Dogecoin, many thought his recent remarks were actually promoting another Dogecoin pump.
Dogecoin was launched in 2013 as a joke to parody the inherent gravity of Bitcoin and digital currencies in general. Since then, It has grown to become the ninth-largest altcoin by market capitalization, worth almost $18.5 billion. Down 83% from its 2021 high, Dogecoin has remained popular primarily because Musk continues to support the coin. Still, during its peak, Musk even shared jokes about the token, which contributed to its popularity.
The Impact of Musk on Doge’s Future
Musk appears to have dumped Dogecoin for good, and it remains unclear if he is still volunteering his time to collaborate with Dogecoin core devs to make DOGE more functional, as he did in 2021. However, the recent contribution to the social media market has made the price difference for the coin. Staking is just one of the positive trends associated with the Dogecoin price, but Musk’s social media activity does not appear to be slowing down soon.
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