Elon Musks Latest DOGE Meme Tweet Sets Dogecoin Community Abuzz

Elon Musk once again sparked a small increase in the price of Dogecoin with a post on X.
With the recent surge of Dogecoin whales, it is possible that the memecoin will end October on a positive note.
Elon Musk, the CEO of Tesla Inc, has made another tweet about Dogecoin (DOGE) that has caused a stir in the crypto community. Musk, who is well-known for his fondness of DOGE, often causes the price of the meme cryptocurrency to rise after posting about it on X.
Elon Musk’s Cryptic Dogecoin Message
In a recent post on X, Musk shared a photo of himself taken during one of his public appearances at Donald Trump’s rally in the US. In the photo, he can be seen raising both hands in a triumphant manner, showing off his muscular arms as if he were a powerlifter.
pic.twitter.com/y0UCd5NvMj
— Elon Musk (@elonmusk)
October 28, 2024
Musk combined the photo with a DOGE meme, featuring a Shiba Inu dog that also raises its hands and has a well-trained, muscular body. This photo quickly sparked discussions within the online crypto community. While DOGE enthusiasts responded with excitement and optimism, some Bitcoin (BTC) supporters commented that they do not believe in meme cryptocurrencies.
A popular crypto analyst, @Nebraskangooner, questioned why DOGE did not experience a price increase following Musk’s post. In fact, instead of rallying, Dogecoin actually declined by nearly 2% in the hours after Musk’s post. However, DOGE soon rebounded and is now trading at $0.1473.
Another X user with a large following, @TheBTCTherapist, commented, emphasizing that Bitcoin is superior to Doge. Nevertheless, the majority of commenters expressed praise for DOGE in their posts. In the past 24 hours, DOGE has seen a 6.15% increase, reaching $0.1473. The trading volume in the past 24 hours has also increased by over 112%, indicating growing optimism among investors.
As mentioned in CNF, DOGE has demonstrated the influence of social media and community support in the world of cryptocurrency. Initially considered a joke, Dogecoin’s value skyrocketed in 2021, reaching a market valuation of over $50 billion. This surge was fueled by excitement on social media and endorsements from prominent figures, including Elon Musk.
Dogecoin’s Historic Response to Musk’s Tweets
Earlier this month, Elon Musk caused a frenzy in the Dogecoin community after commenting on the Department of Government Efficiency (D.O.G.E). Following Musk’s comments, the price of DOGE increased by 11.68% in just 24 hours, bringing its market cap to $20 billion.
The surge in the price of the meme cryptocurrency also coincided with Musk’s endorsement of Donald Trump for the US Presidency. Market participants anticipate that prices will continue to rise as Trump’s presidency could create a more favorable environment for cryptocurrency.
Interestingly, interest in Dogecoin is on the rise, as evidenced by an increase in active addresses. As reported by CNF, DOGE has experienced a consistent bullish trend for three weeks and has remained above its 200-day Exponential Moving Average.
By comparing Dogecoin’s recent trend to historical levels, analysts believe that the memecoin is on track for a bullish run. This bullish outlook is further supported by steady inflows from large holders over the past week.
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