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Cryptocurrency News Articles
Elon Musk's Dogecoin (DOGE) Endorsement Sparks 29% Price Surge
Oct 21, 2024 at 08:06 pm
Dogecoin (DOGE) recently surged above $0.15 following a notable statement from entrepreneur Elon Musk. Although the uptrend quickly waned, with DOGE retracing to the $0.14 range, it is currently trading at $0.1459. This still reflects a 2.03% rise in the last 24 hours and a substantial 29.23% increase over the past seven days.
Elon Musk's recent statement about his interest in Dogecoin (DOGE) has sparked renewed attention to the meme coin. Despite an initial uptrend, where DOGE briefly surged above $0.15, the price quickly retraced to the $0.14 range. At the time of writing, DOGE is trading at $0.1459, still reflecting a 2.03% rise in the last 24 hours.
Musk's interest in Dogecoin is primarily due to its playful and humorous nature, which aligns with his personal preferences. He enjoys making jokes about Dogecoin because, in his words, it has “the best sense of humor.” This lighthearted approach to cryptocurrency complements Musk's broader interests in dogs and memes.
In a recent tweet, Musk elaborated on his affinity for Dogecoin, highlighting its unique characteristics.
I make dogecoin jokes and stuff because I kind of like dogecoin because it got the best sense of humor and it has dogs and memes and I love all those things.
— DogeDesigner (@cb_doge) October 20, 2024
This statement comes amid Musk's growing ties with former President Donald Trump. He recently pledged $75 million to Trump's campaign and other Republican candidates through his America PAC.
Musk's increasing political involvement and support for cryptocurrency have sparked speculation about potential crypto-friendly reforms if Trump is re-elected. His endorsement of pro-crypto attorney John Deaton, who is running against Senator Elizabeth Warren in Massachusetts, further highlights this perspective.
Earlier this year, when asked about leading a hypothetical government department for public sector efficiency, Musk simply replied, “D.O.G.E.” This response followed Trump's suggestion to appoint him as head of a potential “Department of Government Efficiency.”
The acronym “D.O.G.E.” in Musk's tweet appeared to boost investor interest in Dogecoin. Throughout the years, there has been a noticeable correlation between Musk's endorsements and DOGE's price movements, with the coin often spiking after his public mentions.
Dogecoin has experienced significant volatility over the years, largely influenced by Musk's endorsements. In May 2021, DOGE reached an all-time market cap of $88 billion following Musk's promotion during an SNL skit where he was dubbed the "dogefather." It later dipped to $0.05 in late 2023, but rebounded to $0.22 in March 2024 as Bitcoin's price surged after the approval of spot Bitcoin ETFs.
However, the meme coin experienced a 10% decline in June, which was linked to concerns about rising interest rates. Since then, DOGE has seen relatively bullish movements, indicating sustained interest from investors.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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- Solana ATH in Sight, BNB Price Breaks Resistance, Rollblock (RBLK) Presale Heats Up
- Oct 22, 2024 at 04:20 am
- There’s a potential Solana ATH on the horizon, and the BNB price saw a solid surge. Rollblock (RBLK), a rapidly growing altcoin, has also entered stage 7 of its presale, capturing the spotlight in the altcoin rally. Let’s dive into the key developments driving investor excitement.
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- Coinbase (COIN) Stock Analysis Report: Premium Valuation, Negative Analyst Sentiment Keep Us Cautious
- Oct 22, 2024 at 04:15 am
- COIN shares are trading at a premium to the Zacks Financial Transaction Service Market. Its 12-month forward price-to-earnings of 96.60X is much higher than the industry average of 24.12X.