Dogecoin is the most profitable cryptocurrency among the top 40, and Elon Musk has credit for its recent surge. “DOGE will solve the problem,” Musk tweeted on Tuesday in response to a Los Angeles Times article that said California state officials were blocking his SpaceX from conducting further rocket launches. The DOGE he was referring to is the idea that Donald Trump floated for the Commission on Government Efficiency, or Department of Government Efficiency. President Trump has said he would put Musk in charge of the department if elected.
DOGE responded very well to Mr. Musk’s tweet. Dogecoin rose 6.8% in the past 24 hours. It has risen 17% this week, and the current price is $0.1236. Given Musk’s influence on Dogecoin’s valuation in 2021, a Trump victory could provide a significant tailwind to the continued growth of the world’s largest meme coin.
Elon Musk uses Bitcoin to drive Dogecoin’s rise
Source: Business Today
This asset has been consolidating for a long time and is showing signs of stagnation when it comes to price valuation. However, this recent rally has made holders and investors alike bullish. According to Santiment, the recent surge in BTC has also favored Doge, contributing to the dog-themed currency’s recent success. The much-needed boost for DOGE has stabilized its price base and given it the opportunity to leverage current market momentum and explore higher price levels. According to CoinCodex analysis, Doge could notice a noticeable drop in price levels by the end of this month. It could trade at $0.107862 by the end of October.
Also read: How much Dogecoin does DOGE founder Billy Marcus own?
Amid Doge’s recent downturn, leading crypto analyst Ali Martinez also noted that despite Doge’s low momentum, Dogecoin’s active addresses managed to reach a peak of 133,880, showing strong support from users. I shared that I am there. Active addresses are the highest since early 2024, revealing the highest level of activity surrounding the token since the beginning of the year in the run-up to the November election.
Dogecoin, like other assets on the market, is expected to skyrocket given its history and current trends. Martinez prepared the community for the same, pointing out that Dogecoin is showing a buy signal.
