The Dogecoin price has rallied by over 7% in the last 24 hours, outperforming Bitcoin and Shiba Inu. This price rally is primarily thanks to the world’s richest man, Elon Musk, who continues to support the foremost meme coin indirectly.
Why The Dogecoin Price Rallied By Over 7%
The Dogecoin price rallied by over 7% following Musk’s tweet, in which he alluded to ‘D.O.G.E.’ Musk simply said in his post, “D.O.G.E will fix it,” in response to another post asserting that politicians and bureaucrats are the greatest threat to human progress and flourishing.
The acronym stands for the ‘Department of Government Efficiency,’ a position that Musk could occupy under a Donald Trump administration. The former US President has said that if elected, he wants to use Musk’s expertise to curb excess government spending.
Musk coined the term ‘D.O.G.E,’ and members of the Dogecoin community believe that this was deliberate, considering Musk’s fondness for the DOGE meme coin. Therefore, Musk’s continuous use of the term has been taken to mean indirect support for the foremost meme coin. Moreover, the Department of Government Efficiency logo is a Shiba Inu, similar to Dogecoin’s.
Considering the impact that Musk’s ‘D.O.G.E’ posts have on the Dogecoin price, Donald Trump’s win and Musk assuming the head of this department could further provide a major boost for the foremost meme coin.
For now, the DOGE community is buzzing about the fact that the Dogecoin price is one of the top gainers in the last 24 hours. The meme coin has outperformed Bitcoin and Shiba Inu, which have failed to record any significant gains during this period. This is undoubtedly a positive, considering how the meme coin has so far lagged behind these coins.
Elon Musk Could Be The Key To The Dogecoin Bull Run
Considering his continued support for the foremost meme coin, Elon Musk could be the key to the Dogecoin bull run. The Dogecoin price has so far lagged behind other meme coins in this market cycle, raising questions about whether DOGE could replicate its rallies in previous bull runs.
While that remains to be seen, Musk could contribute to any potential rally that the Dogecoin price enjoys in the latter stages of this bull run. This is based on the fact that the world’s richest man has teased about providing added use cases for the meme coin by making it a payment option for purchasing Tesla cars and merchandize.
Additionally, There continue to be speculations that Dogecoin could be integrated into the X platform’s payment service when it goes live. This will be huge for DOGE’s adoption, considering how many X users could use the meme coin.
At the time of writing, the Dogecoin price is trading at around $0.12, up in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com