In July, Musk mentioned that his Department of Government Efficiency (DOGE) would work on the efficient use of taxpayers’ money, further fueling speculation about his support for the cryptocurrency.
Dogecoin was initially created as a meme, but has since become a prominent digital asset, largely due to Musk’s support. The trade price graph demonstrates a steady rise in Dogecoin’s price, indicating a potential bull run.
This has created excitement in the cryptocurrency community, as many believe that Musk’s promotion of DOGE helps boost the popularity of Dogecoin. Dogecoin’s current trade price is $0.1375, which represents a 24% boost over the last 7 days. The DOGE-1 Satellite, a project promised by Musk in 2021, has yet to be launched. As the bull run approaches, the community eagerly awaits any updates on this space mission.
Dogecoin’s journey from meme to digital asset highlights the power of social media and the influence of key figures like Elon Musk in shaping the cryptocurrency market.
His indirect endorsements, such as subtle mentions of “DOGE” in various contexts, have had a significant impact on the cryptocurrency’s market performance.
Elon Musk has once again mentioned the term “DOGE,” drawing attention to Dogecoin and its potential for growth. Musk’s engagement with the community, whether through projects like the DOGE-1 satellite or playful mentions in political campaigns, has helped keep Dogecoin relevant in the crypto space.
As Musk continues to be a key figure in the tech and crypto industries, many speculate that Dogecoin will maintain its upward trend in the upcoming bull run.
