Musk Mentions Dogecoin
Dogecoin (DOGE) surged in value on Thursday after Elon Musk, the CEO of Tesla and SpaceX, mentioned the meme coin during a town hall meeting in Folsom, Pennsylvania. Musk, attending the event organized by Trump’s America PAC, responded to a question about leading a “Department of Government Efficiency” with a grin and the simple phrase, “Yeah, Doge.” The comment triggered cheers from the audience and quickly impacted Dogecoin’s price.Dogecoin Surges Over 6.8%
Following Musk’s statement, Dogecoin’s value climbed to $0.13, marking a 6.8% rise in just 24 hours. Its market capitalization also spiked to $19.3 billion, based on data from CoinGecko. The connection between Musk and Dogecoin isn’t new; Musk has often shared his light-hearted support for the token, frequently causing significant price movements after his public comments.Doge Community Responds
The Dogecoin community interpreted Musk’s comment as another endorsement of the cryptocurrency. Over the past week, DOGE has gained nearly 23%, making it the top performer among the ten largest cryptocurrencies by market cap. Musk’s playful support has given the meme coin staying power, rallying each time he makes a public remark about it. Despite being down over 80% from its all-time high in 2021, Dogecoin continues to be a fan favorite in the crypto space.
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