The post Why Did The Dogecoin Price Rally Over 7% To Outpeform Bitcoin And Shiba Inu? appeared on BitcoinEthereumNews.com.

The Dogecoin price has rallied by over 7% in the last 24 hours, outperforming Bitcoin and Shiba Inu. This price rally is primarily thanks to the world’s richest man, Elon Musk, who continues to support the foremost meme coin indirectly.  Why The Dogecoin Price Rallied By Over 7% The Dogecoin price rallied by over 7% following Musk’s tweet, in which he alluded to ‘D.O.G.E.’ Musk simply said in his post, “D.O.G.E will fix it,” in response to another post asserting that politicians and bureaucrats are the greatest threat to human progress and flourishing.  The acronym stands for the ‘Department of Government Efficiency,’ a position that Musk could occupy under a Donald Trump administration. The former US President has said that if elected, he wants to use Musk’s expertise to curb excess government spending.  Musk coined the term ‘D.O.G.E,’ and members of the Dogecoin community believe that this was deliberate, considering Musk’s fondness for the DOGE meme coin. Therefore, Musk’s continuous use of the term has been taken to mean indirect support for the foremost meme coin. Moreover, the Department of Government Efficiency logo is a Shiba Inu, similar to Dogecoin’s.  Considering the impact that Musk’s ‘D.O.G.E’ posts have on the Dogecoin price, Donald Trump’s win and Musk assuming the head of this department could further provide a major boost for the foremost meme coin.  For now, the DOGE community is buzzing about the fact that the Dogecoin price is one of the top gainers in the last 24 hours. The meme coin has outperformed Bitcoin and Shiba Inu, which have failed to record any significant gains during this period. This is undoubtedly a positive, considering how the meme coin has so far lagged behind these coins.  Elon Musk Could Be The Key To The Dogecoin Bull Run Considering his continued…

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Filed under: News - @ October 17, 2024 7:28 pm