Dogecoin (DOGE), the leading meme token by market capitalization, has surged over 7% in the past 24 hours, becoming one of the top performers in the cryptocurrency market. This rally, which has propelled DOGE’s weekly and monthly gains to 15.50% and 24% respectively, appears to be directly linked to the latest social media activity of tech mogul Elon Musk.
Musk, who has been a vocal supporter of DOGE in the past, rekindled the meme coin’s momentum by referencing a potential ‘D.O.G.E.’ department in a hypothetical government administration. This department, he suggests, would focus on streamlining regulations and eliminating bureaucratic red tape. The concept of a ‘D.O.G.E.’ department, spearheaded by Musk, was presented as a solution to excessive regulation, with the implication that DOGE would be instrumental in facilitating a more efficient government.
Musk’s previous mentions of DOGE on X (formerly Twitter) have consistently led to price fluctuations in the meme coin. This latest comment further solidifies his influence on the DOGE market, highlighting the potential for significant market volatility tied to his pronouncements. As of this writing, DOGE is trading at $0.1252, marking a 7.58% increase in the last 24 hours, according to data from Benzinga Pro.
This surge serves as a potent reminder of the power of social media in shaping the cryptocurrency landscape, particularly for meme coins like DOGE, which are often subject to the whims of online trends and celebrity endorsements.