Elon Musk has once again sparked discussion in the broader crypto market, not to mention the meme coin space, calling himself “Father Doge.” In a series of X posts recently, Musk sparked speculation with posts related to Dogecoin, especially since he is known for his active support of the meme coin. Additionally, Donald Trump’s newly created organization, the Department of Government Effectiveness (DOGE), led by Elon Musk and Vivek Ramaswamy, has further fueled optimism.
Doge’s father, Elon Musk, shares cryptic messages
Billionaire entrepreneur Elon Musk is well known among crypto market enthusiasts, particularly for his past support of Dogecoin. Additionally, his recent support for pro-Bitcoin Donald Trump, on the eve of the US elections, has also attracted the attention of market participants in recent days.
Recently, Musk shared a series of X posts related to DOGE, which sparked a lot of discussion in the market. Notably, in one post, the billionaire shared an image with his son and called himself “Father Doge”. Furthermore, he called his son “The DogeSon”.
Meanwhile, he also commented on the post saying “Doge & Minidoge.” Additionally, Musk sparked intrigue with another cryptic post about X, featuring an image of a smoke-shaped Shiba Inu dog engulfing a city. The image, shared without comment, is a repeat of a similar message posted by Musk in November, following which Dogecoin noted a strong rally.
Notably, the price of Dogecoin also saw a surge today following Musk’s post, leaving many to speculate about the potential reason behind the post. Additionally, the billionaire shared a slew of posts regarding the Department of Government Effectiveness (DOGE) recently, sparking optimism as the organization’s short form resembles the Dogecoin ticker.
Dogecoin rallies indicate strong market confidence
THE best coins have noted a strong rally recently, indicating a shift in investor focus towards this segment. Amidst this, the message from “Father Doge” Elon Musk appears to have further boosted market sentiment, as evidenced by the recent rise in Dogecoin.
DOGE price today was up almost 5%, especially after Musk’s post, and was trading at $0.45. However, its trading volume fell more than 26% to $7 billion in the same time frame. Notably, the crypto touched a low of $0.4213.
Additionally, CoinGlass data showed that open interest on Dogecoin futures increased by over 8% to $4.04 billion, indicating strong market confidence in the market. dog themed leader coin. Moreover, the Baby Doge coin price also increased by more than 51% after the post.
However, in another article, the Tesla CEO supported DOGE advisor Ron Paulwhich has also attracted the attention of market participants. In a recent update, Paul announced that he was recommending eliminating foreign aid altogether, saying that since World War II, nothing has benefited U.S. foreign policy.
Meanwhile, a recent Dogecoin price analysis hints at a potential DOGE rally to $0.5. If the momentum continues, the analysis showed that the crypto could next target $0.7 and potentially rebound towards the $1 mark.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. Its role involves publishing articles, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting relevant economic information. Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with diverse audiences.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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