Elon Musk teased a “DOGEFATHER” portrait on his X account today, triggering a 2.92% rise in the market value of the memecoin, Dogecoin (DOGE).
– Elon Musk (@elonmusk) November 19, 2024
At the time of writing, $DOGE is trade to $0.3950, reflecting a 2.92% increase following Musk’s playful tease. The market cap of $DOGE jumped 4.40%, reaching $57.55 billion. Additionally, $DOGE’s 24-hour trading volume increased by 25.83% to $9.22 billion.
Elon Musk, affectionately known as the “Dogefather” by the DOGE community, has often dropped “subtle jokes” about Dogecoin while studiously avoiding direct endorsements. However, for the DOGE community, even light hints are enough to inspire a significant increase in investment.
In fact, it was Elon Musk who accepted the suggestion to name the new department responsible for reducing government spending “Department of Government Efficiency (DOGE)” when President-elect Donald Trump first proposed that Musk joins its administrative team. At the time, it was unprecedented that a memecoin started as a joke would get so much attention.
Currently, Musk and Republican Vivek Ramaswamy will lead “DOGE” and have even revealed the department’s logo, which (no surprise here) features the iconic “DOGE dog.”
Musk recently revealed that he still holds a significant amount of Dogecoin personally, while SpaceX owns a significant amount of Bitcoin (BTC). This disclosure further strengthened its association with cryptocurrencies and memecoins.
Regarding the ripple effects of Musk’s comments on SpaceX’s Bitcoin wallet, the price of Bitcoin, which was then around $89,000, briefly climbed to $92,000 in the morning. Notably, at the time of writing, Bitcoin saw a 2.9% increase, trading at $91,663.83 since the announcement.
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