Dogecoin (DOGE) just lately surged above $0.15 following a notable assertion from entrepreneur Elon Musk.
Though the uptrend rapidly waned, with DOGE retracing to the $0.14 vary, it’s at the moment buying and selling at $0.1459. This nonetheless displays a 2.03% rise within the final 24 hours and a considerable 29.23% enhance over the previous seven days.
The latest features in Dogecoin coincided with Musk’s revelation that his curiosity within the cryptocurrency stems from its playful and humorous nature. He talked about that he enjoys making jokes about Dogecoin as a result of it has “the perfect humorousness.”
He added that Dogecoin’s mixture of canines and memes aligns along with his private preferences.
Elon Musk on Dogecoin:
“I make dogecoin jokes and stuff as a result of I sort of like dogecoin as a result of it obtained the perfect humorousness and it has canines and memes and I really like all these issues.” pic.twitter.com/gHmnvnQTG6
— DogeDesigner (@cb_doge) October 20, 2024
Trump-Musk Political Connections Impacting Dogecoin
Musk’s remarks come amid rising ties with Donald Trump. He just lately pledged $75 million to Trump’s marketing campaign and different Republican candidates by way of his America PAC.
Musk’s growing political involvement and assist for cryptocurrency have sparked hypothesis about potential crypto-friendly reforms if Trump is re-elected. His endorsement of pro-crypto lawyer John Deaton, operating towards Senator Elizabeth Warren in Massachusetts, additional underscores this angle.
In August, when requested about main a hypothetical authorities division for public sector effectivity, Musk merely replied, “D.O.G.E.” This adopted Trump’s suggestion to nominate him as head of a possible “Division of Authorities Effectivity.”
The acronym “D.O.G.E.” appeared to spice up investor curiosity in Dogecoin. The hyperlink between Musk’s endorsements and DOGE’s worth actions has been a recurring theme, with the coin regularly spiking after his public mentions.
Dogecoin has seen important volatility through the years, pushed by Musk’s endorsements. In Might 2021, DOGE reached an all-time market cap of $88 billion after Musk’s promotion throughout an SNL skit the place he referred to as himself the “dogefather.” Though it dipped to $0.05 in late 2023, DOGE rebounded to $0.22 in March 2024, fueled by Bitcoin’s rise after the approval of spot Bitcoin ETFs.
Nonetheless, the meme coin skilled a ten% decline in June, linked to considerations about rising rates of interest. Since then, DOGE has remained steady, with latest bullish actions indicating renewed investor curiosity.
DisClamier: This content material is informational and shouldn’t be thought-about monetary recommendation. The views expressed on this article might embrace the writer’s private opinions and don’t mirror The Crypto Fundamental opinion. Readers are inspired to do thorough analysis earlier than making any funding choices. The Crypto Fundamental shouldn’t be accountable for any monetary losses.
A Love for Humor, Canine, and Memes thecryptobasic.com 2024-10-21 18:08:54
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