Dogecoin Surges 7% as Elon Musk Sparks Price Rally

The price of Dogecoin has surged by over 7% in the past 24 hours, surpassing both Bitcoin and Shiba Inu. This price increase is largely attributed to support from the richest individual in the world, Elon Musk, who continues to back the leading meme coin in an indirect way.

Reasons Behind Dogecoin’s 7% Price Surge

The rise in Dogecoin’s price by more than 7% followed a tweet from Musk referencing ‘D.O.G.E.’ In his post, Musk stated, “D.O.G.E will fix it,” in response to another tweet claiming that politicians and bureaucrats are the primary barriers to human progress and growth.

This acronym represents the ‘Department of Government Efficiency,’ a position that Musk might take on under a Donald Trump administration. The former US President has expressed interest in utilizing Musk’s expertise to reduce excessive government spending if elected.

Musk invented the term ‘D.O.G.E,’ and members of the Dogecoin community suspect this was intentional, given Musk’s affection for the DOGE meme coin. Thus, Musk’s repeated references to the term are perceived as indirect endorsements for the leading meme coin. Furthermore, the logo for the Department of Government Efficiency features a Shiba Inu, reminiscent of Dogecoin’s branding.

Considering how Musk’s ‘D.O.G.E’ posts impact the Dogecoin price, a potential victory for Donald Trump and Musk leading this department could substantially benefit the meme coin.

Currently, the DOGE community is excited about Dogecoin being one of the top performers in the past 24 hours. The meme coin has outclassed Bitcoin and Shiba Inu, which have not seen any significant increases during this time. This is certainly a positive development, especially since the meme coin has been trailing these other cryptocurrencies.

Elon Musk: A Potential Catalyst for Dogecoin’s Bull Run

Given his ongoing support for the primary meme coin, Elon Musk may be pivotal to a Dogecoin bull run. So far, Dogecoin’s price has lagged behind other meme coins during this market cycle, leading to discussions on whether DOGE could mirror its past rallies in previous uptrends.

Although the future is uncertain, Musk’s involvement could enhance any potential rally for Dogecoin as this bull run progresses. This assumption is based on Musk’s suggestions about increasing use cases for the meme coin, including its use as a payment option for purchasing Tesla vehicles and merchandise.

In addition, there are ongoing rumors that Dogecoin might be integrated into the X platform’s payment service when it launches. This could greatly enhance DOGE’s adoption, given the number of X users who might utilize the meme coin.

At the time of this writing, Dogecoin is trading at approximately $0.12, showing an increase in the last 24 hours, based on data from CoinMarketCap.