Dogecoin, one of the biggest memecoins by market capitalization recorded a slight surge after one of its earliest backers made a cryptic tweet that subliminally promoted the crypto asset.
Elon Musk, a multi-billionaire and the owner of X was pretty influential in promoting the dogecoin project in its early days and on September 7 the Billionaire indirectly promoted the asset again after a long Hiatus from crypto.
Elon Musk in a cryptic Tweet talked about his Department of Government Efficiency (DOGE) idea by posting an AI-generated image of him and the acronym DOGE.
The post was viewed by 68.7 million people and garnered over 70,000 retweets.
Elon Musk’s recent activity around DOGE boosted the crypto assets’ social dominance onchain and sparked a discussion around the project.
This is not the first time Elon Musk has pulled such a stunt, In August he made another DOGE-inspired tweet leading to a surge in Dogecoin prices.
Elon Musk who has been a subtle supporter of the Trump campaign rally is believed to be in a very good position to serve under Trump’s administration should he win.
His entire Department of Government Efficiency idea is built around his theory that Government bodies are bureaucratically run and could be much more effective than they are.
DOGE’s 1.2% surge took its price to $0.09579 at the time of report with the propensity to sustain the price level this time.
Data from IntotheBlock reveals that the broader market is willing to buy $50 million worth of Dogecoins more than its 399 million coins allocated for sales.
Dogecoins price is set to hit 0.10 following this development given that selling pressure does not come into play.
Dogecoin Price Analysis
At the time of the report, Dogecoin is exchanging hands for 0.09579 surging by 1.2% in the last 24 hours with a maximum price of $0.09687 and a minimum price of $0.09433. The crypto asset is down 86.9% from its all-time high of $0.7316.
Analysts believe the price could hit 0.10 following its recent surge
What to Know
- Dogecoin was heavily promoted by Elon Musk in its earlier days, the crypto asset has gone on to become one of the biggest memecoins by market capitalization despite losing about 80% of its value.
- Elon Musk recently witnessed a $258 billion manipulation Charge dropped by a US court. The charges were aimed at Elon Musk’s previous promotion of Dogecoin in its early days accusing him of being part of a pump-and-dump scheme after the asset lost over 80%of its value.
