Elon Musk has lengthy been a fan of the Dogecoin meme coin and is understood for being the primary figurehead within the 2021 rally. Whereas the billionaire has since slowed down his posts in regards to the meme coin in comparison with 2021, he has maintained his place as a Dogecoin supporter. In a current submit, the billionaire talked about the meme coin once more, saving it from a speedy decline.
Elon Musk Posts About DOGE
Over the weekend, Elon Musk sparked one other frenzy among the many Dogecoin neighborhood with a brand new submit. The X (previously Twitter) submit, which consisted of a picture of the billionaire, had the phrases DOGE spelled out in daring for the world to see.
The picture was an AI-generated picture of the billionaire carrying a gold chain. He captioned the submit with the phrases, “Department of Government Efficiency,” with the initials of every phrase spelling out D.O.G.E in gold in entrance of the billionaire.
As a consequence of Elon Musk’s large following with over 196 million followers, the submit was rapidly unfold round. On the time of writing, the variety of views on the submit has since crossed 67 million, and counting, exhibiting the vitality of this one image.
In lower than someday, there have been nearly 600,000 likes on the submit, with over 70,000 retweets. As anticipated, this turned out to be good for the Dogecoin price, with the neighborhood celebrating the submit which has introduced extra eyes to the meme coin as soon as extra.
Division of Authorities Effectivity pic.twitter.com/HFeHYNIkJN
— Elon Musk (@elonmusk) September 7, 2024
Dogecoin Rebounds With Positivity
Elon Musk’s posts about Dogecoin have bene know to have a constructive impact on the worth and this time was no completely different. Earlier than the submit was made, the DOGE price was struggling to carry help at $0.09 as Bitcoin and your complete crypto market fluctuated. Nevertheless, Musk’s submit was a saving grace for the meme coin.
Following the submit, the Dogecoin worth noticed a restoration, pushing it towards $0.1 as soon as once more. Whereas there had been some retracement, the worth nonetheless noticed a 2% achieve on Sunday, serving to it to reclaim the $0.096 degree on the time.
Nevertheless, there are nonetheless some bearish headwinds for the DOGE price, particularly with regards to quantity. In response to CoinMarketCap knowledge, on Sunday, the quantity fell 54.42% to $365 million. However this is also bullish because it might level to a decline within the price at which sellers are offloading their cash. On this case, the decline in quantity might be bullish for the altcoin’s worth.
Featured picture created with Dall.E, chart from Tradingview.com
