Dogecoin (DOGE) is once again in the spotlight after Elon Musk, the billionaire founder of Tesla and SpaceX, mentioned the cryptocurrency in a recent social media post. Despite Musk’s previous claims of not being actively involved in crypto, his continued allusions to Dogecoin have caused its price to spike, reigniting investor enthusiasm.
Elon Musk’s Latest Cryptic Dogecoin Reference
In a post on his platform X (formerly known as Twitter), Musk shared a photo from a Donald Trump campaign event, where he humorously combined an image of himself with a Dogecoin meme featuring the iconic Shiba Inu. The meme, which mimicked Musk’s victorious pose, has sparked speculation among DOGE investors, leading to a sharp rise in the cryptocurrency’s value.
Musk has long been a supporter of Dogecoin, often playfully promoting the meme-based cryptocurrency. He even referenced his plan for a “Department of Government Efficiency” (D.O.G.E.), a nod to Dogecoin’s ticker symbol, which many see as a subtle endorsement.
Following Musk’s latest mention, Dogecoin, currently the eighth-largest digital asset by market cap, saw a 6.1% rise, reaching $0.1585. This increase has brought renewed attention to DOGE, which gained significant traction during the 2020-2021 crypto boom, largely thanks to Musk’s tweets. At its peak in May 2021, Dogecoin hit an all-time high of $0.7316.
While DOGE is still 80% below its record price, it remains one of the most valuable and widely traded cryptocurrencies, with a market capitalization of $23.2 billion. Investors are now speculating that a potential Donald Trump victory in the upcoming U.S. elections could lead to further mentions of Dogecoin, fueling even more retail interest and pushing the coin towards another major rally.
As the Dogecoin community continues to grow, many believe that Musk’s influence on the market could once again send DOGE soaring. His cryptic tweets and playful engagement with the coin have been key drivers of its previous success, and with ongoing attention from both Musk and the wider crypto community, another explosive Dogecoin rally may be on the horizon.
The recent price surge, coupled with increasing market interest, suggests that Dogecoin could be gearing up for another significant rise, particularly if political developments and Musk’s involvement continue to align in favor of the meme coin.