As a seasoned analyst with over two decades of experience in the volatile world of cryptocurrencies, I’ve seen more than a few market-moving tweets from influential figures. However, Elon Musk’s latest Dogecoin (DOGE) post has to be one of the most intriguing ones yet. The AI-generated image of the billionaire wearing a gold chain, with the bold letters “DOGE” spelled out in gold, was nothing short of captivating.
Elon Musk, who’s been enthusiastic about the cryptocurrency Dogecoin (often referred to as a “meme coin”), played a significant role in its surge during 2021. Although he’s posted less frequently about Dogecoin lately compared to that time, he continues to express support for it. In a recent tweet, Musk once more mentioned Dogecoin, helping to prevent a steep drop in its value.
Elon Musk Posts About DOGE
On the weekend, Elon Musk ignited excitement within the Dogecoin crowd once more through a fresh social media post. His recent post, initially shared on Twitter (now known as X), displayed an image of him with the letters “DOGE” prominently spelled out in bold for all to notice.
The image was an AI-generated image of the billionaire wearing a gold chain. He captioned the post with the words, “Department of Government Efficiency,” with the initials of each word spelling out D.O.G.E in gold in front of the billionaire.
Because Elon Musk has such a large fanbase with more than 196 million followers, the post rapidly gained traction. Currently, the view count on the post has surpassed 67 million and continues to grow, demonstrating the impact of that particular image.
Within a short span of time, approximately 600,000 people liked the post, and it was retweeted more than 70,000 times. Unsurprisingly, this boost in attention was beneficial for Dogecoin’s value, as the community rejoiced over the viral post that put the meme currency back in the spotlight once again.
Department of Government Efficiency
— Elon Musk (@elonmusk) September 7, 2024
Dogecoin Rebounds With Positivity
As an analyst, I observed that Elon Musk’s posts about Dogecoin have a significant impact on its price, and this recent instance was no exception. Prior to his post, the Dogecoin price was battling to maintain support at approximately $0.09, with Bitcoin and the broader crypto market experiencing volatility. However, Musk’s tweet served as a lifeline for the meme coin, momentarily stabilizing its trajectory.
After the recent post, Dogecoin’s price started to bounce back, aiming for approximately $0.1 again. Despite experiencing a slight setback, its price increased by 2% on Sunday, which enabled it to regain the $0.096 position at that moment.
However, there are still some bearish headwinds for the DOGE price, especially when it comes to volume. According to CoinMarketCap data, on Sunday, the volume fell 54.42% to $365 million. But this could also be bullish as it could point to a decline in the rate at which sellers are offloading their coins. In this case, the decline in volume could be bullish for the altcoin’s price.
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2024-09-09 18:41