Dogecoin (DOGE), the world’s largest meme coin, has rallied 6% after promotion from Tesla founder and chief executive, Elon Musk.
Dogecoin (DOGE), the world’s largest meme coin by market capitalization, has rallied 6% after promotion from Tesla founder and chief executive, Elon Musk, via a post on social media platform X (previously known as Twitter). Notably, the promotion from Musk was a joke related to an offer given to the billionaire by Republican presidential candidate Donald Trump.
In an interview given to Reuters, Trump stated that if elected the new President of the United States after the 2024 elections, he would offer Musk a government position, while adding that the Tesla and SpaceX chief executive is “a very smart guy”, while adding:
“I certainly would, if he would do it, I certainly would. He’s a brilliant guy.”
Notably, following this offer from the Republican candidate, who has a 48% chance of winning the upcoming US elections as per Polymarkets, Musk took to X to promote his favorite cryptocurrency, Dogecoin. Interestingly, Trump and Democratic candidate Kamala Harris are currently locked in tight in the presidential race, with Harris currently taking the lead at 50%.
The conversations began when “Sir Doge of the Coin” joked about Musk accepting Trump’s offer and becoming an official of the “Department of Government Efficiency”, or D.O.G.E. Musk responded to the X post, adding that he is “willing to serve” and shared an image generated by artificial intelligence of him at a podium with the initials D.O.G.E.
It is important to note that Musk and Trump have played crucial roles in the digital asset space with supporting Dogecoin and having several meme coins released on his name. On the other hand, following Trump’s declaration of support for the crypto space, several meme coins have popped up, like MAGA (TRUMP), FREE TRUMP (TRUMP), and NEVER SURRENDER (TRUMP).
Dogecoin Price Surge
According to the data from CoinMarketCap, Dogecoin is currently the ninth-largest digital asset by market cap and the largest meme coin with a valuation of $15.27. The price of the altcoin surged 6.04% in the past 24 hours, and DOGE is trading at $0.1048, down a whopping 85.73% from its all-time high of $0.7376 witnessed in May 2021.
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Photo: TradingView
- The chart shows that volume of the cryptocurrency has dropped significantly since March this year, and the Relative Strength Index (RSI) of the altcoin reads a value of 46.12, which means that the bears are overall in control of the meme coin’s price action. The gradient of the line suggests that higher prices are possible as bulls take control of the Dogecoin price action.
