Elon Musk’s Tweet Reignites Dogecoin as Price Surges over 100%
Elon Musk, the world’s richest man and self-proclaimed Doge
father, is back to promoting the meme token following its skyrocketing prices. Musk
retweeted a post on X praising the achievement of the digital asset that once
started as an internet parody but is now worth billions of dollars.
The Tweet came from Melissa Chen, the co-founder of Ideas Beyond
Borders. In the post, which impressed the Tesla boss, Chen expressed her
enthusiasm about how DOGE has gained popularity since starting as just a meme
token.
From Meme to Mainstream
“I’m cracking up so badly listening to serious WSJ
journalists pronounce “DOGE” in their professional radio broadcasting voice in
the context of a serious news bit, and part of me cannot believe that it all
started from a meme. A govt agency was memed into existence Much wow,” she
wrote.
This is so awesome 😎 😂 https://t.co/QLixI9t1tC
— Elon Musk (@elonmusk) November 14, 2024
DOGE was one of the cryptocurrencies that led the recent
crypto rally. The meme token, which was created in 2013 from a dog meme, now
ranks sixth in the crypto asset list with a valuation of $58 billion. At the
time of writing, the meme token was trading at $0.3977 after soaring over 105%
in the weekly chart.
Crypto Rally
According to a recent report by Finance Magnates, the
surge in DOGE prices and the bullish sentiment in the broader crypto space are linked to political and economic factors and general
market speculation.
The crypto community welcomed Donald Trump’s return to the White House after his victory in the US election. During his campaign, Trump lured the crypto community with many promises, including
firing the Securities and Exchange Commission (SEC) Chair Gary Gensler if
re-elected.
In a July YouTube livestream by Sky News, the
President-elect and business mogul lauded Bitcoin, saying, “It is not just
a marvel of technology; it is a miracle of cooperation and human achievement. A
lot of relationships are formed. Obviously, there is competition, but there are
relationships. There is a friendship that is developed.”
Interestingly, despite the positive gains, most industry experts believe that DOGE could still retreat from the current high before any attempt at trading at $1. However, there has been significant buying activity among large investors, also referred to as whales. DOGE rally is also boosted by strong trading volumes.
This article was written by Jared Kirui at www.financemagnates.com.