Dogecoin was not among the biggest losers since the beginning of September. The coin, which started the first days of the month with a decline of more than 6%, later succeeded in reducing its losses since the beginning of the month until now to -5.9% thanks to some profitable days.
Elon Musk was associated with the two biggest jumps in the cryptocurrency in September, with the currency rising on September 2 and September 7 by 4.2% and 3.07% respectively. This happened after presidential candidate and former President Donald Trump announced his intention to appoint Elon Musk as Secretary of the Department of Government Efficiency.
It happened that the abbreviation for the name of this department is Department of Government Efficiency, which is DOGE, which opened the door to promoting the doggy currency that Elon Musk has always talked about and been associated with and was among its biggest supporters.
Doge bulls still have their dreams of Elon Musk adopting Dogecoin as a payment method on his X platform, formerly Twitter.
From an on-chain data perspective, Elon Muskâs recent actions have led to a significant spike in the social currency dominance of Dogecoin (DOGE). This spike indicates increased activity in the DOGE discussion.
Historically, depending on the broader market situation, such a sudden spike usually has a positive impact on the price. As a result, DOGE managed to achieve a price spike while trading at the $0.095 level.
However, according to data available from the top 20 exchanges, the meme coin may be able to maintain this price surge this time around. According to IntoTheBlock, the market seems ready to buy over 500 million coins, worth over $50 million.
