Dogecoin Soars as Elon Musks Tweet Boosts DOGE by 17

CoinWorld reported:


Dogecoin is the cryptocurrency with the highest increase among the top 40 cryptocurrencies. Elon Musk is the hero behind its recent surge. Musk tweeted on Tuesday, “Dogecoin will solve this problem,” in response to an article by the Los Angeles Times about California officials blocking Musk’s SpaceX from conducting more rocket launches. The Dogecoin he mentioned is an idea proposed by Donald Trump, regarding the Government Efficiency Commission (i.e., the Department of Efficiency). Trump stated that if elected, he would appoint Musk as the head of that department.
DOGE responded very positively to Musk’s tweet. In the past 24 hours, Dogecoin has risen by 6.8%. It has also risen by 17% this week, with the current price at $0.1236. Considering Musk’s influence on Dogecoin’s valuation in 2021, Trump winning the election could create a huge tailwind for the world’s largest meme coin to continue growing.
Elon Musk and Bitcoin driving the rise of Dogecoin


This asset has been consolidating for a long time, showing signs of stagnation in terms of price valuation. However, the recent surge has made holders and investors bullish. According to Santiment, the recent surge in BTC has also benefited Doge and contributed to the recent success of dog-themed currencies. The boost that DOGE desperately needed helped stabilize its price base and gave it the opportunity to explore higher price levels in the current market momentum. According to CoinCodex’s analysis, Doge may experience a significant drop in price levels by the end of this month. By the end of October, its trading price could be $0.107862.
Amidst the recent downturn in Dogecoin’s price, leading cryptocurrency analyst Ali Martinez also shared that despite the sluggish momentum of Dogecoin, the number of active addresses for Dogecoin has reached a peak of 133,880, indicating strong user support. The number of active addresses for Dogecoin has reached the highest level since early 2024, indicating that activity surrounding the token has reached the highest level so far this year before the November elections.
Based on historical and current trends, it is expected that Dogecoin and other assets in the market will experience a surge. Martinez pointed out that Dogecoin has sent a buy signal when preparing the community.