Elon Musk’s Tweet Boosts Dogecoin (DOGE) Price: What’s Next
Elon Musk Continues to Give Dogecoin a Hand
On September 7, Musk posted again about the Department of Government Efficiency on X and followed it up with an AI-generated image featuring him and the acronym ” D.O.G.E.” Saturday was not the first time Musk, who also doubles as the owner of the X social media platform made such a post.
In August, BeInCrypto reported a similar development that affected Dogecoin’s price, causing it to jump by 6%. Furthermore, the post appears to be in line with the speculation that Musk might play a role in Donald Trump’s administration if he wins the November US election.
From an on-chain perspective, Musk’s recent action triggered a notable surge in the cryptocurrency’s social dominance. This spike implies an increase in the active discussion around DOGE.
Historically, depending on the broader market condition, this sudden surge positively impacts the price. Consequently, DOGE has been able to notch a price increase while trading at $0.095.
However, according to data obtained from the top 20 exchanges, the meme coin might be able to sustain the price increase this time. According to IntoTheBlock, the broader market seems prepared to bid (buy) over 500 million coins, which are valued at over $50 million.
This value is much more than the 399 million coins allocated to be sold (ask). If the buy orders continue to outpace the sell side, DOGE’s price could begin a move higher than $0.095.
DOGE Price Prediction: Here Comes $0.10 Again
According to the 4-hour Dogecoin chart, the meme coin’s price moved from $0.090 to $0.096 after Elon Musk’s post. While it has retraced slightly to $0.095, the Moving Average Convergence Divergence (MACD) suggests that it could move higher.
