Elon Musk’s favorite cryptocurrency, Dogecoin DOGE/USD, has been one of the biggest market gainers in the past 24 hours, likely due to his social media activity.
What Happened: DOGE, the largest meme token by market capitalization, rose more than 7% and emerged as the third best-performing cryptocurrency in the past 24 hours.
The coin’s trading volume surged by 70%, making it the most traded meme coin in the past 24 hours.
The recent rally pushed DOGE’s weekly and monthly gains to 15.50% and 24%, respectively.
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Why it matters: Musk’s renewed mention of DOGE (an acronym for Department of Government Efficiency) likely spurred the rally.
The tech mogul responded to another X user’s concerns about bureaucratic red tape, saying, “DOGE will fix it.”
Although unknown, the so-called DOGE division headed by Musk in a potential Donald Trump administration would oversee the work of various government agencies and, in Musk’s words, eliminate pointless regulations. .
Tesla’s CEO has frequently mentioned DOGE in recent posts on X, causing the price of related meme coins to soar.
Price Trend: At the time of writing, Dogecoin was trading at $0.1252, up 7.58% in the past 24 hours, according to data from Benzinga Pro.
Image via Pixabay
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