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Dogecoin (DOGE), the largest meme coin by market cap, recently received an acknowledgement from Tesla CEO regarding the X coin. Elon Musk’s post sparked a frenzy among crypto investors and the Dogecoin community, which was reflected in the price of the coin. Following the recent surge, some analysts believe that it is only a matter of time before a major breakout occurs.
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Elon Musk Excites Dogecoin Community
In a recent post on X, Elon Musk acknowledged that the leading meme coin by market cap is his response to Donald Trump’s political proposal. US President He revealed that he is open to naming Musk to an advisory role or a job in the Cabinet if he wins the election.
Speaking to Reuters, the Republican presidential candidate said: Named Trump called the X owner a “brilliant man.” He also suggested he would offer Musk a position if he was open to it. “He’s a very smart guy. I would certainly do it, and if he would do it, I would certainly do it,” Trump said.
Tesla CEO Musk took to the stage to respond to the proposal, saying, “I’m ready to serve,” and sharing an AI-generated image of himself in front of a podium with the words “Department of Government Efficiency” and the acronym “DOGE” at the top.
Cryptocurrency investors quickly saw the signal and shared their excitement over the recognition. Many community members took Musk’s post as a bullish signal and suggested that the meme coin would go “to the moon” again.
Others reposted old posts on X in which Musk, who is referred to as the “Dogefather,” shared his support for Dogecoin against the global financial system.
This apparent endorsement comes after Musk made his stance on cryptocurrencies clear. Reported Via NewsBTC, the CEO appeared as a virtual guest at The X Takeover event in late July.
During his speech, Musk made it clear that he would not promote cryptocurrencies but would jokingly talk about digital assets. Additionally, he added that he likes Dogecoin because of his admiration for dogs and memes.
DOGE price up 6%
The meme coin has seen a 9.3% recovery from its August 5 crash, when it lost support above $0.1 and dropped to the $0.08 range. Following Musk’s post, Dogecoin’s price surged to $0.1056, up 6.5% in the last 24 hours.
the Memcoin Market activity also increased by about 50% from the previous day, with daily trading volume reaching $699.5 million. DOGE’s recent performance has led some market watchers to believe that an upward move for the token may be coming and that “all eyes are on the breakout.”
Cryptocurrency Trader Galaxy Trading It is considered The memecoin is likely to lead the “attack in the very near future” given its current performance. According to the trader, DOGE often acts as a “key signal for the entire crypto space.” He suggested that investors keep an eye on it as it could potentially lead to a broader uptrend in the market.
Some analysts agree that DOGE’s breakout won’t happen until the entire market gains momentum again in Q4. Cryptocurrency analyst Kaleo He believes Not much has changed for Dogecoin since the market recovery. However, he noted that the token has established “potential upper limits of around $0.111 for the new range.”
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According to the analyst, DOGE will trade between the $0.085 to $0.11 range in the coming months “with low volatility until the market rises again.” As a result, he suggested investors “stacking and holding.”
Similarly, popular analyst Altcoin Sherpa noted, It is considered “The memecoin chart looks good.” Sherpa also believes that DOGE is a good option for investors who want to “hold a meme and be somewhat safe with it.”
Featured image from Unsplash.com, chart from TradingView.com
