SpaceX founder and now Donald Trump supporter Elon Musk once again teases his favorite meme coin community with a post about Dogecoin (DOGE), causing a rapid 5% spike in its market value I did.
In his unconventional style, Musk posted a personal photo of a speech he gave at a campaign rally for former President Donald Trump. This image features his photo along with a brave image of the DOGECOIN meme. Musk, affectionately referred to by many as the Dogefather due to his affinity with meme coins, has seen his market value skyrocket as a result of his recent posts.
— Elon Musk (@elonmusk) October 28, 2024
DOGE was trading at $0.1404 this morning before X’s post went viral. However, the coin briefly rose to $0.1457 and is currently trading at $0.1439. The current market price is still 4.14% higher compared to the previous day’s price.
The DOGE post is particularly important given Musk’s growing political ascendancy and the crypto community’s growing expectations for flexible regulations from the next US president.
Separately, DOGE’s market capitalization rose 4.42% to a solid $21.13 billion.
Within the last 24 hours. The memecoin community remains 83% bullish on DOGE, and Musk’s tweet further supports this.
Overall, Elon Musk’s support for Donald Trump and his playful endorsement of Dogecoin raise questions about the relationship between cryptocurrencies and political movements. In this US election, Donald Trump bought a hamburger with Bitcoin, Ripple co-founder Chris Larsen donated $10 million in XRP to Vice President and presidential candidate Kamala Harris, We’ve seen more cryptocurrency gimmicks than ever before, including the public involvement of Republican Sen. John Deaton. Served as trial attorney for Ripple (XRP) holders in the U.S. Securities and Exchange Commission (SEC) v. Ripple case.
Also read: Dogecoin rebounds after BTC lawsuit and Elon Musk mentions DOGE at Trump rally
