Elon Musk, with his penchant for playful teases and ‘subtle jests’, has once again shone the spotlight on the memecoin, Dogecoin (DOGE), affectionately known as $DOGE in the crypto community. The Tesla and SpaceX CEO posted a “DOGEFATHER” portrait on his Twitter account earlier today, inspiring a 2.92% increase in Dogecoin’s market value.
As of this writing, the meme-inspired cryptocurrency is trading at $0.3950. This reflects a significant growth from its previous standing, driven largely by Musk’s tweet. The market cap of $DOGE has also experienced a surge, growing by 4.40% to reach a staggering $57.55 billion. Notably, the 24-hour trading volume of $DOGE has seen an impressive increase of 25.83%, amounting to $9.22 billion.
The term “Dogefather”, as Musk is often referred to by the DOGE community, underscores his influence over the meme-based cryptocurrency. While he tends to steer clear of direct endorsements, his cryptic tweets and references to Dogecoin often lead to a flurry of investor activity, demonstrating the power of his persona in the crypto sphere.
Interestingly, it was Musk who embraced the idea of naming a new department, intended to reduce government expenses, the Department of Government Efficiency (DOGE). This suggestion was made when President-elect Donald Trump proposed that Musk join his administrative team, marking an unprecedented level of attention for a memecoin that was initially launched as a joke.
Musk, along with Republican Vivek Ramaswamy, is now set to lead the newly minted DOGE department. The department’s logo, appropriately, features the iconic ‘DOGE dog’, further embedding the memecoin’s influence in mainstream discourse.
In addition to his involvement with Dogecoin, Musk recently disclosed his personal and professional investments in cryptocurrencies. He revealed that he owns a considerable amount of Dogecoin, while his space exploration company, SpaceX, holds a significant amount of Bitcoin (BTC).
This revelation had its own ripple effects, most notably on the value of Bitcoin. Following Musk’s disclosure, the price of Bitcoin, which was hovering around $89,000, briefly surged to $92,000. At the time of writing, Bitcoin has recorded a 2.9% increase, trading at $91,663.83.
The events surrounding Musk’s tweets and the subsequent market reactions further underscore the intertwining of social media, influential personalities, and cryptocurrency markets. It also serves as a reminder of the volatile and unpredictable nature of cryptocurrency trading, which often responds swiftly to social cues and market sentiment.
