- Dogecoin’s price has increased by nearly 12% in the last 24 hours, making it the best performing cryptocurrency among the top 40 by market cap over the past week.
- Elon Musk tweeted “DOGE” will fix it, seemingly in reference to California blocking his SpaceX company from launching more rockets, which investors interpreted as pumping Dogecoin given his history with the meme coin.
- Dogecoin, originally created as a joke to poke fun at Bitcoin, became a more serious cryptocurrency during the 2020-2021 price surge, partly due to Musk frequently posting memes about it on Twitter, leading to a cult following and price boom.
Dogecoin has surged in price over the last 24 hours following another tweet from Elon Musk that appears to reference the meme cryptocurrency. The price pump comes as Musk tweeted about a “Department of Governmental Efficiency” that some have interpreted as a nod to DOGE.
Dogecoin’s Recent Gains
Over the last 24 hours, the price of Dogecoin has jumped nearly 12% to $0.1264 according to CoinGecko data. The meme coin has risen almost 18% over the last week, making it the top performing cryptocurrency among the top 40 by market capitalization.
Dogecoin now has a market cap of $16.5 billion and is the 9th largest digital asset overall. The coin originally started as a joke poking fun at the seriousness of Bitcoin, but gained a cult following after repeated tweets from Elon Musk in 2020 and 2021.
Musk’s Latest DOGE-Related Tweet
On Tuesday, Elon Musk tweeted “DOGE will fix it” in response to a news article about California officials blocking SpaceX rockets. While Musk was referring to a hypothetical “Department of Governmental Efficiency,” many saw it as a veiled reference and pump of Dogecoin.
This wouldn’t be the first time Musk has loosely connected the idea of a governmental efficiency department to the DOGE cryptocurrency. Back in 2021, Musk was reportedly working with Dogecoin developers to boost acceptance of DOGE for payments.
The Aftermath
In the hours after Musk’s tweet, DOGE saw a flood of buying activity as investors interpreted it as a sign of support. Meme coins like DOGE are extremely volatile, so the pump may be short-lived. But Dogecoin has shown more longevity than most meme coins due to its devoted fanbase.
Conclusion
Elon Musk has once again moved markets with just a short tweet mentioning Dogecoin. The meme cryptocurrency is riding high for now thanks to another tacit endorsement from the world’s richest man. But DOGE still remains 83% below its all-time high, showing meme coins still remain highly speculative assets.
