Dogecoin (DOGE), the largest memecoin by market capitalization, recently received acknowledgment from Tesla’s CEO on X. Elon Musk’s post sparked a frenzy among crypto investors and the DOGE community, reflecting on the token’s price. Following the recent surge, some analysts believe it’s only a matter of time before a major breakout.
In a recent X post, Elon Musk acknowledged the leading memecoin by market cap on his response to Donald Trump’s political proposition. The former US president revealed that he was open to naming Musk for an advisory role or cabinet job if he won the election.
Talking to Reuters, the presidential candidate for the Republican party X’s owner a “brilliant guy.” He also suggested that he would offer Musk a position if he were open to it. “He’s a very smart guy. I certainly would, if he would do it, I certainly would,” Trump said.
Tesla’s CEO took X to respond to the proposition, stating, “I’m willing to serve,” and sharing an AI-generated image. The image set Musk in front of a podium with the words “Department Of Government Efficiency” and the abbreviation “D.O.G.E” on top.
Musk’s AI-generated image acknowledges DOGE. Source:
The crypto investors quickly saw the reference and shared their excitement about the acknowledgment. Many community members took Musk’s post as a bullish sign and suggested that the memecoin is going “to the moon” again.
Others brought back old X posts where Musk, referred to as the “Dogefather,” shared his support for Dogecoin against the global financial system.
The apparent endorsement comes after Musk clarified the crypto stance. As reported by NewsBTC, the CEO made a virtual guest appearance at The X Takeover event at the end of July.
During his intervention, Musk explained that he would not promote crypto but might address digital assets jokingly. Additionally, he added that he has a soft spot for Dogecoin due to his liking of dogs and memes.
DOGE’s Price Surges 6%
The memecoin had experienced a 9.3% recovery from the August 5 crash, when it lost its support above the $0.1 level and dropped to the $0.08 range. Following Musk’s post, Dogecoin’s price climbed to the $0.1056 mark, a 6.5% surge in the last 24 hours.
The memecoin’s market activity also increased nearly 50% from one day ago, reaching a daily trading volume of $699.5 million. DOGE’s recent performance has made some market watchers consider that a bullish move for the token could be coming and that “all eyes are awaiting a breakout.”
Crypto trader Galaxy Trading that the memecoin will likely “lead the charge in the very near future” given the current performance. According to the trader, DOGE often serves as a “key signal for the entire crypto space.” He suggested that investors keep an eye on it as it potentially will trigger a wider market uptrend.
Some analysts concur that DOGE’s breakout won’t happen until the whole market gains momentum again in Q4. Crypto analyst Kaleo that not much has changed for Dogecoin since the market recovery. However, he noted that the token has established a “potential upper bounds of ~$0.111 for the new range.”
According to the analyst, DOGE’s price will hover between the $0.085 and $0.11 range in the coming months “with declining volatility until the market heats up again.” As a result, he suggested that investors “stack and hold.”
Similarly, renowned analyst Altcoin Sherpa memecoin’s chart “still looks fine.” Sherpa also believes DOGE is a good choice for investors who want to “hold a meme and be fairly safe with it.”
Dogecoin’s performance in the five-day chart. Source: DOGEUSDT on
Featured Image from Unsplash.com, Chart from TradingView.com
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
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From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
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