In style dog-themed meme coin, Dogecoin DOGE/USD ticked upwards Monday in a single day after considered one of its greatest endorsers, Tesla CEO Elon Musk, posted an AI-generated picture referencing the cryptocurrency.
What Occurred: In an X submit, Musk shared an image, displaying him behind a mic stand with the phrases D.O.G.E, standing for Department of Government Effectivity.
“I’m keen to serve,” learn the caption to the submit shared from his official deal with.
Inside minutes, DOGE began to pattern upwards, taking its 24-hour positive aspects to three.56% on the time of writing. The canine coin’s buying and selling quantity surged 44.33% to $572 million.
See Additionally: Bitcoin Looking Bearish While Equities Are At All-Time Highs: What Gives?
Why It Issues: Musk’s playful submit got here after former President Donald Trump said his willingness to nominate Musk to a cabinet or advisory role if he returns to energy.
Through the years, DOGE has been largely driven by social posts and endorsements by Musk, in addition to developments round firms owned by him.
Musk reiterated his affinity for the meme coin in an look on the X Takeover podcast final month, saying that he has got a soft spot for Dogecoin due to his fondness towards canine and memes.
Value Motion: On the time of writing, DOGE was exchanging arms at $0.104 up 3.56% within the final 24 hours, in line with data from Benzinga Pro.
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Elon Musk Sends Dogecoin Spiking With AI-Generated Picture, Says ‘Prepared To Serve’ In Government Department That Spells D.O.G.E. www.benzinga.com 2024-08-20 04:00:04
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