Dogecoin fans cheer Elon Musk tweets 'D.O.G.E.'
DOGE has gained 91.8% over the past week
Elon Musk, known for his influential presence on social media, recently sent waves of excitement through the Dogecoin community with a cryptic tweet that simply read "D.O.G.E."
The tweet immediately triggered a flurry of reactions among Dogecoin enthusiasts, further driving the meme coin’s popularity. The timing of this tweet was particularly noteworthy, as it came just after Musk shared an official document regarding his new role as head of the Department of Government Efficiency under the newly elected U.S. president.
Musk’s influence on Dogecoin's popularity
Musk’s support for Dogecoin is well-documented, with the billionaire frequently tweeting about the cryptocurrency, often leading to price surges. In this instance, the tweet didn’t specifically mention any policy or detailed plans, but the use of “D.O.G.E.” was enough to reignite excitement among the Dogecoin community. Fans at X have expressed their enthusiasm and are now expecting “the DOGE price to fly to the moon”.
DOGE has gained 91.8% over the past week, with a 7.8% decline over the past 24 hours to $0.3778.
Loading...
While the exact impact on Dogecoin’s market price remains uncertain, the token saw an uptick in trading volume shortly after Musk's tweet. This surge reflects the ongoing influence Musk has over the crypto space, especially with meme coins. Users highlighted the potential for Dogecoin to gain further traction, particularly if Musk's government efficiency role opens doors for blockchain technology in public administration.
Though Musk did not clarify the connection between his tweet and his new role, crypto enthusiasts have taken it as a positive sign, speculating on potential developments that could integrate Dogecoin into broader use cases within government sectors.
What’s next for Dogecoin?
With Musk’s appointment to a new government role, there is growing speculation about whether the tech billionaire will advocate for blockchain adoption within government operations. While it remains to be seen how his new position will influence policy, Dogecoin enthusiasts are hopeful that this latest show of support could signal new opportunities for the meme coin.
Musk’s unpredictable influence on the crypto market continues to make headlines, and all eyes are now on his next move.
We recently reported that Dogecoin has surged as Musk and Trump fuel investor interest
