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Cryptocurrency News Articles
Dogecoin Price Surpasses $0.1 After Elon Musk's Renewed Endorsement, Investors Eye $1 Target
Sep 10, 2024 at 08:00 am
Due to increased interest in the cryptocurrency, the price of Dogecoin has jumped over 10% today, passing the $0.1 barrier.
Dogecoin investors are optimistic today after the meme coin surged more than 10%, surpassing the $0.1 mark. The price increase comes amid renewed endorsement from Tesla CEO Elon Musk and investors are now speculating whether the coin can rally further to $1.
Rising interest in Dogecoin has pushed the price of DOGE up by more than 10% today, breaking past the $0.1 barrier.
After hearing that tech billionaire Elon Musk is once again endorsing the top dog-themed meme coin, investors are becoming more bullish on it. The Dogecoin lawsuit update has caught the attention of market participants, sparking speculation that the coin may soon surge to $1.
According to Coingape, a federal case against Musk and Tesla was dismissed by a judge over claims that they manipulated the price of Dogecoin for personal benefit. The Dogecoin case was filed in a Manhattan federal court by investors alleging that the crypto’s price was artificially inflated by 36,000% due to the Tesla chief’s insider trading and publicity stunts.
But the investors failed to provide evidence in all five iterations of the action, prompting US District Judge Alvin Hellerstein to dismiss the case recently. The revelation may be a factor in the recent price spike of DOGE as the crypto market reacts to the elimination of legal uncertainty surrounding Musk.
Recently, Elon Musk's public statements of support for the leading meme coin have fueled market speculation. In a recent X post, the Tesla CEO expressed his desire to accept Dogecoin as payment for Tesla products. This comment has raised the possibility that the company may begin accepting DOGE as a payment option for its vehicles.
Moreover, a user on X suggested Dogecoin as a potential solution to the alleged freezing of Starlink's bank accounts in Brazil. Musk responded to the post by saying, "Hmm… interesting idea."
This endorsement, along with his recent court victory, is keeping the market interested. Since Musk has continued to promote the cryptocurrency even after the lawsuit was dismissed, investors have put their faith in Dogecoin.
After highlighting that former President Donald Trump expressed a desire for Elon Musk to serve in the Senate or in an advisory role, the computer tycoon mentioned his interest in forming a new agency he proposed calling the "Department of Government Efficiency" (or "D.O.G.E. "). This further demonstrates his growing affinity for the meme coin. In a recent X post, Musk also announced that "DOGE" will be the department's official mascot.
At the time of writing, DOGE trades at $0.1041, up over 10% today. The cryptocurrency reached a 24-hour high of $0.1046 as its trading volume surged nearly 74% to reach $639.67 million. According to data from CoinGlass, Dogecoin futures interest increased by 8% to reach $476.52 million, while Dogecoin options interest increased by more than 37%.
Meanwhile, a new Dogecoin price analysis predicts that the cryptocurrency could reach $1 if it breaks through key resistance levels.
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