- Elon Musk has once again triggered a mild rally in the price of Dogecoin with a post on X.
- With Dogecoin whales on a rampage recently, the memecoin might end October positively.
Tesla Inc CEO Elon Musk is at it again, releasing a new Dogecoin (DOGE) tweet that has sent the crypto community abuzz. Musk, well-known for his love of DOGE, frequently causes spikes in the memecoin’s price after posting about it on X.
Elon Musk’s Cryptic Dogecoin Message
In a recent X post, Musk published a photo of himself taken during one of his recent public appearances at Donald Trump’s rally in the US. In the photo, he triumphantly raises both hands to show off his biceps, looking like a powerlifter.
— Elon Musk (@elonmusk) October 28, 2024
Musk combined the photo with a DOGE meme. The Shiba Inu dog raised its hands similarly and showed a well-trained, muscled body. The photo quickly ignited discussion within the online crypto community. While the DOGE Army responded excitedly and optimistically, some Bitcoin (BTC) enthusiasts commented that they do not believe in memecoins.
Popular crypto analyst @Nebraskangooner questioned why DOGE failed to pump following Musk’s post. In fact, instead of staging a rally, Dogecoin declined close to 2% over the past few hours when Musk’s post went live. However, DOGE soon registered an upsurge, trading at $0.1473.
An X user @TheBTCTherapist with a large following commented, highlighting how Bitcoin is greater than Doge. Nonetheless, the vast majority of commenters praised DOGE in their posts. Within the past 24 hours, DOGE has experienced a 6.15% increase to $0.1473. The 24-hour trading volume has spiked over 112%, suggesting increasing optimism among investors.
As CNF mentioned, DOGE has demonstrated the power of social media and community influence in crypto. Initially regarded as a joke, Dogecoin saw its value skyrocket in 2021, reaching a market valuation of over $50 billion. Social media excitement and endorsements from prominent figures, including Elon Musk, propelled this surge.
Dogecoin’s Historic Reaction to Musk Tweet
Elon Musk caused a Dogecoin frenzy earlier in the month after commenting on the Department of Government Efficiency (D.O.G.E). Shortly after Musk’s comments, DOGE’s price skyrocketed by 11.68% in 24 hours, bringing its market cap to $20 billion.
The surge in the memecoin’s price also coincides with Musk endorsing Donald Trump for US Presidency. Market participants anticipate prices will increase as Trump’s presidency could lead to a more favorable era for cryptocurrency.
Intriguingly, interest in Dogecoin is rising, evidenced by a rise in active addresses. As CNF reported, DOGE has accomplished a clean three-week bullish advance and sustained above its 200-day Exponential Moving Average.
Comparing Dogecoin’s recent trend to historical levels, analysts believe the memecoin is on track for a bullish run. This bullish forecast is further reinforced by steady inflows from large holders over the past week.
