As a seasoned researcher with extensive experience in the volatile world of cryptocurrencies, I can’t help but feel a sense of intrigue and anticipation when it comes to Dogecoin (DOGE). The recent acknowledgment from Elon Musk, the self-proclaimed “Dogefather,” has indeed sparked a frenzy among crypto investors and the DOGE community.
Mentioning Dogecoin (DOGE), the top meme-based cryptocurrency by market value, has recently caught attention from Elon Musk, CEO of Tesla, on platform X. Musk’s statement ignited excitement among crypto investors and DOGE enthusiasts, influencing the token’s price movement. With its recent surge, certain financial experts predict that a significant spike could be imminent for Dogecoin.
Elon Musk Excites The Dogecoin Community
More recently, in a post on platform X, Elon Musk admitted to being intrigued by the most popular meme-based cryptocurrency in terms of market value, as he engaged with Donald Trump’s political proposal. The ex-president of the United States expressed his willingness to consider appointing Musk for an advisory position or cabinet role should he secure another term in office.
In an interview with Reuters, the Republican presidential candidate praised Elon Musk, owner of X, as “an incredibly intelligent individual.” He further mentioned that he would be open to offering Musk a role in his administration if Musk were interested. “He’s exceptionally bright,” Trump said, “If he were willing to serve, I definitely would.”
In a reaction to the suggestion, Tesla’s CEO expressed readiness, saying “I’m open to the task,” while also presenting an AI-created visual. The picture depicted Elon Musk standing before a podium labeled “Department of Government Efficiency” with the abbreviation “D.O.G.E” above it.
Crypto enthusiasts swiftly recognized the hint and expressed their enthusiasm over the recognition. Numerous community participants viewed Elon Musk’s post as a positive indication, and some speculated that the meme coin would soar even higher, potentially reaching new heights yet again.
Previously, some individuals have resurfaced old social media posts featuring Elon Musk, who was nicknamed “the Dogefather,” expressing his endorsement of Dogecoin in contrast to the worldwide financial establishment.
Following Musk’s clarification on his cryptocurrency position, it seems an endorsement has occurred. According to NewsBTC, this confirmation was made during his virtual visit to The X Takeover event in late July.
In the course of his speech, Musk humorously hinted that he wouldn’t endorse cryptocurrency directly but could discuss digital assets playfully. Furthermore, he expressed a fondness for Dogecoin because of his affection for canines and internet humor.
DOGE’s Price Surges 6%
Initially plummeting after the August 5 crash and falling below the $0.1 support level to reach the $0.08 range, the memecoin subsequently saw a 9.3% recovery. Subsequently, Dogecoin’s price spiked following Elon Musk’s post, reaching a high of $0.1056 – marking an increase of approximately 6.5% in the previous 24 hours.
Yesterday, I noticed a significant surge in the market activity of my memecoin, with a nearly 50% increase. This boom led to a daily trading volume of approximately $699.5 million. Recently, the token’s strong performance has sparked discussions among market analysts, who are now speculating that a bullish trend may be on the horizon for this coin. They are eagerly waiting for a breakout, keeping a close watch on its future movements.
Galaxy Trading believes that a memecoin could spearhead significant growth imminently based on its current trajectory. The trader notes that Dogecoin (DOGE) frequently functions as a “tell-tale sign” across the entire cryptocurrency sector. Therefore, he advises investors to monitor DOGE closely, as it might initiate a broader market rally.
Some experts agree that the surge in DOGE‘s price (Dogecoin) may not occur until the overall crypto market starts picking up speed again in Q4. Crypto expert Kaleo asserts that Dogecoin hasn’t experienced significant changes since the market bounce-back. Nevertheless, he highlighted a potential upper limit of around $0.111 for its new price range.
Based on the expert’s prediction, the value of Dogecoin (DOGE) is expected to fluctuate within approximately $0.085 to $0.11 over the next few months, with decreasing price fluctuations until the market becomes more active again. Therefore, he advises investors to accumulate and hold onto their coins.
Analogously, well-known analyst Altcoin Sherpa finds the graph of the memecoin “continues to look promising.” Sherpa further opines that Dogecoin could be an appropriate investment for those looking to “own a meme while maintaining a relatively secure position.”
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2024-08-21 05:11