Elon Musk Is Back To Shilling Dogecoin, Is A 36,000% Rally Possible Again?
The post Elon Musk Is Back To Shilling Dogecoin, Is A 36,000% Rally Possible Again? appeared on BitcoinEthereumNews.com.
The world’s richest man, Elon Musk, is back to support the foremost meme coin, Dogecoin (DOGE), although indirectly. This has raised the possibility of Dogecoin rallying 36,000%, just like it did in the 2021 bull run. Elon Musk Is Back To Shilling Dogecoin Elon Musk is back to shilling Dogecoin, although this time in a political way. Musk proposed that the ‘Department of Government Efficiency’ be the name of the department that Donald Trump wants him to head if elected. This name led to the acronym ‘D.O.G.E’, which has brought about a correlation with Dogecoin’s ticker, DOGE. Considering Musk’s fondness for Dogecoin, this move has been considered deliberate and continues to provide a bullish outlook for the foremost meme coin as the US elections draw closer. It is worth mentioning that the Dogecoin price has rallied by 31% in the last seven days, mainly thanks to Musk’s continuous use of the ‘D.O.G.E’ term in recent appearances. On October 17, he made an appearance at a Pennsylvania town hall meeting where he again indirectly shilled DOGE. When asked by an audience member about the proposed department, he replied, “Yeah, D.O.G.E,” leading to the Dogecoin price surging by over 15% in 24 hours. DOGE rose above $0.14 in the process, its highest price level since late July. Dogecoin had also rallied the previous day by over 7% after Musk made a post in which he mentioned how the ‘D.O.G.E’ department was going to ensure that politicians and bureaucrats do not pose a threat to human progress. The meme coin is possibly reacting more to Elon Musk’s mentions of ‘D.O.G.E’ because of the increasing likelihood that the department will come into existence. Donald Trump is currently leading the polls and has promised to appoint Musk to head this department, which will be responsible…
Filed under: News - @ October 19, 2024 9:17 pm