SpaceX founder and now Donald Trump supporter, Elon Musk has once again teased his favorite memecoin community as he posted a Dogecoin($DOGE), triggering a quick 5% surge in its market value.
In his atypical style, Musk has posted an individual photo from a speech that he delivered at a campaign rally for former U.S. President Donald Trump. The image features his picture along with a brawny image of a ‘Dogecoin’ meme. Musk, who is fondly referred to as Dogefather by many, thanks to his affinity to the memecoin, has triggered a quick surge in the market value, as a result of his latest post.
— Elon Musk (@elonmusk) October 28, 2024
DOGE was trading at $0.1404, this morning, prior to the viral X post. The coin, however, briefly surged to $0.1457, and is now trading at $0.1439. The current market price is still a 4.14% spike compared to the past day’s price.
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The ‘DOGE’ post is particularly significant, considering Musk’s rising political dominance and the crypto community’s growing expectations of flexible regulation from the next US President.
Apart from this, DOGE has 4.42 % surge in its market cap which stands strong at $21.13B
In the last 24 hours, the memecoin community remains 83% bullish on DOGE, and Musk’s tweet further bolsters the sentiment. Musk also retweeted a post from the dogecoin community handle aimed at encouraging X users to vote early.
Super important https://t.co/5dmM5RLkcT
— Elon Musk (@elonmusk) October 28, 2024
Overall, Elon Musk’s support for Donald Trump and his playful endorsement of Dogecoin, leaves one wondering about the relationship between cryptocurrency and political movements. The current US election has seen the most crypto gimmicks than ever, whether it is Donald Trump buying burgers with Bitcoin, or Ripple’s Co-founder, Chris Larsen donating $10 Million XRP to VP and Presidential candidate Kamala Harris, or Republican senator John Deaton’s open involvement as an amicus counsel for Ripple (XRP) holders in U.S. Securities and Exchange Commission(SEC) vs Ripple case.
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Also Read: Dogecoin Rallies Following BTC Suit & Elon Musk’s DOGE Reference at Trump Rally
