Elon Musk has been a long-time advocate for the Dogecoin meme coin, playing a crucial role in its 2021 price surge. Although he’s reduced his online mentions of Dogecoin since then, his support remains firm. Recently, Musk made a post regarding the meme coin, aiding in preventing a steep price drop.
Elon Musk’s Recent DOGE Mention
Elon Musk ignited excitement in the Dogecoin community over the weekend with a new post. On X (formerly known as Twitter), he shared an AI-generated photo of himself that prominently featured the word DOGE.
In the image, Musk is seen wearing a gold chain, and the caption read “Department of Government Efficiency,” creatively using the initials to form D.O.G.E in gold lettering next to him.
Given Musk’s substantial influence with over 196 million followers, his post quickly gained traction. As of now, it has garnered more than 67 million views, demonstrating the immense interest surrounding it.
Within less than a day, the post received nearly 600,000 likes and over 70,000 retweets. As anticipated, this had a positive influence on Dogecoin’s price, with the community rejoicing at the renewed attention toward the meme coin.
Department of Government Efficiency pic.twitter.com/HFeHYNIkJN
— Elon Musk (@elonmusk) September 7, 2024
Dogecoin’s Positive Price Movement
Musk’s endorsements have consistently contributed to Dogecoin’s price boosts, and this occasion was no exception. Prior to his post, Dogecoin’s value had dipped below the $0.09 mark as Bitcoin and the overall crypto market experienced volatility. However, Musk’s recent update provided crucial support for the meme coin.
After the post, Dogecoin rebounded, edging closer to the $0.10 mark again. Although there was some decrease in value, it managed a 2% increase on Sunday, restoring its price to $0.096.
Still, there are potential challenges for Dogecoin’s price, particularly regarding trading volume. Data from CoinMarketCap shows that on Sunday, volume dropped by 54.42% to $365 million. However, this might be seen as a positive sign, indicating a slowdown in selling pressure from holders. Thus, the decreased volume could bode well for the altcoin’s pricing trend.
