TLDR:
Elon Musk posted an image referencing “D.O.G.E.” (Department of Government Efficiency)
Dogecoin price surged 3.56-6.5% following Musk’s post
Musk’s post came after Trump suggested offering him a government position
Some analysts see potential for a Dogecoin breakout in the future
Musk had recently clarified he wouldn’t actively promote crypto but has a “soft spot” for Dogecoin
Elon Musk, CEO of Tesla and SpaceX, stirred excitement in the cryptocurrency community with a recent post on X (formerly Twitter) that referenced Dogecoin.
The post, which featured an AI-generated image of Musk behind a podium labeled “Department of Government Efficiency” (D.O.G.E.), came in response to former President Donald Trump’s suggestion that he might offer Musk a government position if re-elected.
I am willing to serve pic.twitter.com/BJhGbcA2e0
— Elon Musk (@elonmusk) August 20, 2024
The image and Musk’s accompanying message, “I am willing to serve,” quickly caught the attention of Dogecoin enthusiasts and investors. In the hours following the post, Dogecoin’s price saw a significant increase, with reports ranging from a 3.56% to 6.5% surge. The cryptocurrency’s value reached approximately $0.105 per coin.
Dogecoin DOGE Price, Source
The billionaire entrepreneur has a history of influencing Dogecoin’s price through his social media activity, though the impact of this recent post was relatively modest compared to past instances.
Musk’s renewed engagement with Dogecoin comes after a period of relative silence on the topic. It also follows his recent clarification at The X Takeover event, where he stated that he would not actively promote cryptocurrencies but admitted to having a “soft spot” for Dogecoin due to his fondness for dogs and memes.
The crypto community’s reaction to Musk’s post was largely positive, with many viewing it as a bullish sign for Dogecoin. Some analysts and traders have suggested that this could be a precursor to a potential breakout for the meme-inspired cryptocurrency.
Crypto trader Galaxy Trading noted that Dogecoin often serves as a “key signal for the entire crypto space” and suggested keeping an eye on it for potential market-wide trends. However, other analysts, such as Kaleo, believe that significant movement for Dogecoin may not occur until the broader market gains momentum, possibly in the fourth quarter of the year.
#DOGE$DOGE often serves as a key signal for the entire crypto space.
Given current trends, it’s likely we’ll see Doge leading the charge in the very near future, potentially triggering a wider market uptrend. Keep a close eye on it! pic.twitter.com/golJJUDB74
— GalaxyTrading (@GalaxyTrading_) August 19, 2024
Crypto Kaleo predicts that Dogecoin’s price will likely fluctuate between $0.085 and $0.11, with decreasing volatility until market conditions change. Some experts view Dogecoin as a relatively safe option for those interested in holding onto a meme-based cryptocurrency.
The renewed interest in Dogecoin comes amid ongoing discussions about cryptocurrency regulation and adoption.
Trump’s recent comments about creating a “strategic national Bitcoin stockpile” and his pro-crypto stance have added to the conversation surrounding digital assets in the political sphere.
The post Dogefather Strikes Again: Musk’s Post Temporarily Sends DOGE Soaring appeared first on Blockonomi.
