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An unexpected post mentioning Dogecoin (DOGE) was delivered today by Elon Musk. The billionaire and inventor, who is known as a Dogecoin supporter, and even earned himself a 'Dogfather' title, posted a picture showing him as an executive in the Department of Government Efficiency.
Occasionally or not, this title turns into an abbreviation of DOGE, which was also highlighted in the post. Accompanying the image was the phrase, "I am ready to serve."
Alex DovbnyaAs expected, the post caused a massive reaction on behalf of the crypto space and Dogecoin enthusiasts. After that, Dogecoin saw a 3.56% price surge, bringing its value to $0.105 per coin.
However, it's the overall crypto market that has been on an upward trend, even though X owner's mention of DOGE added excitement among enthusiasts as they have long regarded him as a key supporter of the meme cryptocurrency.
That's why, even though the price increase aligns with general market conditions, Musk's involvement has historically played a role in Dogecoin's performance, giving more sense to today's event.
Elon Musk breaks silence on Dogecoin
The post also marked Musk's return to discussing Dogecoin after a period of relative silence, which has led to renewed interest on behalf of market participants and owners of popular meme-inspired digital asset. Over the past 24 hours, the cryptocurrency market has started to recover, with many coins showing gains.
Dogecoin has been a big beneficiary of Musk's influence, but it's unclear if this upward trend will continue.
Tomiwabold OlajideThe overall market recovery and Musk's publication gave DOGE a boost today. It's unclear if this trend will continue, but the publication is a good sign for investors who were expecting more activity. Whether this bullish momentum will continue remains to be seen, but it is nice to see the market shining green again.
After a period of 'nothing' and sideways low-volatility chop, endorsement from the Tesla founder gave Dogecoin a needed kick, adding momentum to its recent gains and once again putting it in the spotlight once again.
Alex Dovbnya
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team