Dogecoin (DOGE) Surges 48% in 24 Hours Following Cryptic Endorsement from Elon Musk

Dogecoin, the largest memecoin in the market by Market capitalization has surged by 48% over the last 24 hours following cryptic endorsement of the token by Elon Musk

Dogecoin, the ‘memecoin’ with the largest market capitalization, has seen a 48% increase in value over the last 24 hours thanks to a cryptic endorsement by Elon Musk during the Trump administration.

Musk has been teasing the idea of a Department of Government Efficiency (DOGE) since the run-up to the elections, and has frequently posted AI-generated images of himself posing with the acronym DOGE.

This was widely interpreted as a cryptic endorsement of Dogecoin, a memecoin that Musk was involved with early on.

Dogecoin is currently the best-performing crypto asset among the top 100 tokens.

During its bull rally, Dogecoin surged to 41 cents for the first time since May 2021. Over the past week, the asset has generated a return of over 150% for its investors, and over the past 30 days, it has nearly tripled.

Dogecoin's all-time high remains at 70 cents, which it reached around May 2021.

The Dogecoin rally has now entered its fourth day of bullish trading, with traders and speculators targeting the $1 mark for the crypto asset.

Memecoin analyst Unipcs shared the data on Dogecoin on X, predicting that the asset will soon reach $1 and providing additional insights on the memecoin.

“Dogecoin is now up 244% from when I called the current move $DOGE has seen its market cap increase by an ADDITIONAL $37.69 BILLION in just 1.5 months it’s currently sitting at $53.4 billion market cap as the sixth biggest crypto project

“I think many are significantly underprepared for it going much higher, yet that is the most likely scenario from here DOGE to $1 is a meme until it isn’t i also believe doge betas like $FLOKI and $BONK are closer to following it on this aggressive move than many realize or are prepared for,” Unipcs stated.

Unipcs provided an update on his earlier tweet, highlighting the increase in Dogecoin's market capitalization and reiterating his belief that Dogecoin will reach $1 soon.

“BREAKING: Dogecoin just crossed the $61 billion market cap! $DOGE has seen its market cap increase by an EXTRA $45.15 billion in just 1.5 months while I believe doge is going much higher and will hit $1 this cycle betting on strong, established doge betas like $FLOKI, $BONK, and Department of Gov't Efficiency / D.O.G.E (ETH memecoin) is where the real gains are to be made this cycle IMO,” Unipcs tweeted.

Dogecoin is the first memecoin to be included in the top 10 crypto assets by market capitalization.