- Dogecoin rose over 7%, becoming one of the top performers in the market within the last 24 hours
- Elon Musk’s recent mention of DOGE as “Department of Government Efficiency” sparked renewed interest in the meme coin
- Trading volume surged by 70%, solidifying Dogecoin’s status as the most traded meme coin recently
Dogecoin surged as a market leader over the last 24 hours, seemingly from some afternoon excitement courtesy of its most famous fan – Elon Musk.
What Happened
DOGE climbed over 7% in the last day, ranking third among all cryptocurrencies.
The trading volume of the coin surged 70% during that time, making it the most traded meme coin in the period.
With the fresh rally, DOGE is up 15.50% for the week and 24% for the month.
Why Does It Matters
The rally likely started after yet another mention of DOGE from Musk.
Responding to a complaint about bureaucracy on X, the tech mogul quipped: “the D.O.G.E. will fix it.”
As many may know, Musk often jokingly refers to the so-called Department of Government Efficiency that he would have under a future Donald Trump administration. This would oversee several agencies and get rid of nonsensical regulations.
Tesla’s CEO has referred to DOGE in a number of his posts on X, where this often sends the price of the meme coin skyrocketing.
Conclusion
What do you guys think about the recent Dogecoin rally?
Just another example of Musk’s influence and how it can still move markets, if you ask me. Will DOGE keep gaining?
