Elon Musk Celebrates Dogecoin’s Rise Amid Market Surge
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Elon Musk, the world’s richest person and the “Doge father,” is back promoting the popular meme token Dogecoin (DOGE) as its value recently rose sharply. Musk retweeted a post on X that celebrated DOGE’s recent success, showing support for a digital currency that started as a fun internet joke but is now worth billions.
The tweet Musk shared was written by Melissa Chen, co-founder of Ideas Beyond Borders. According to sources, Chen’s tweet caught Musk’s attention by showing how far Dogecoin has come since its playful beginnings.
DOGE’s Rises From A Playful Meme To A Leading Cryptocurrency
Chen noted in her post that she was amused to hear serious journalists on professional news stations talk about DOGE as if it were a major financial asset. She shared that she was highly amused listening to serious journalists from the Wall Street Journal pronounce “DOGE” in their formal broadcasting voices, treating it as a serious news topic.
She added that part of her found it hard to believe the journey DOGE had made, given that it all started as a meme. A govt agency was memed into existence. Much wow,” highlighting her surprise and laughter at DOGE’s unusual rise to fame.
Moreover, DOGE was one of the leading cryptocurrencies in the recent wave of market gains. The digital coin, which began in 2013 and was inspired by a dog meme, has now grown to rank sixth among other crypto assets, with a current value estimated at $58 billion.
Analysts revealed that at the time of the report, the meme-based coin was priced at $0.3977, which marked a 105% increase over the past week.
Political And Economic Factors Fuel DOGE’s Ongoing Rally
A report recently discussed DOGE’s price surge. The report suggested that the rising interest in DOGE, along with general excitement across the crypto market, could be due to a mix of political, economic, and speculative factors.
As reported, former President Donald Trump’s victory in the recent U.S. election sparked enthusiasm within the crypto community. Trump, during his campaign, promised to support the crypto industry by firing Securities and Exchange Commission (SEC) Chair Gary Gensler if he was re-elected.
Sky News covered a July YouTube livestream in which Trump, the President-elect and prominent business figure, praised Bitcoin. According to the broadcast, Trump expressed, “It is not just a marvel of technology; it is a miracle of cooperation and human achievement.
He remarked that many relationships are formed in the crypto space, even though there is competition. He noted that these connections and friendships contribute to the positive sentiment in the industry.
Even with these gains, industry experts said DOGE might dip in value before it could aim for the $1 mark. Despite this, large investors, or “whales,” have been actively buying DOGE. Analysts stated that trading volumes for DOGE have been high, giving further strength to its current rally.
