Elon Musk Reignites Public Support For Dogecoin, Triggers Price Rebound

bitcoinist2024-09-09 tarihinde yayınlandı2024-09-09 tarihinde güncellendi

Özet

Elon Musk has long been a fan of the Dogecoin meme coin and is known for being the main figurehead...

Elon Musk has long been a fan of the Dogecoin meme coin and is known for being the main figurehead in the 2021 rally. While the billionaire has since slowed down his posts about the meme coin compared to 2021, he has maintained his position as a Dogecoin supporter. In a recent post, the billionaire mentioned the meme coin again, saving it from a rapid decline.

Elon Musk Posts About DOGE

Over the weekend, Elon Musk sparked another frenzy among the Dogecoin community with a new post. The X (formerly Twitter) post, which consisted of an image of the billionaire, had the words DOGE spelled out in bold for the world to see.

Related Reading: Bitcoin Traders Withdraw $728 Million From Exchanges Despite Decline In Spot Price

The image was an AI-generated image of the billionaire wearing a gold chain. He captioned the post with the words, “Department of Government Efficiency,” with the initials of each word spelling out D.O.G.E in gold in front of the billionaire.

Due to Elon Musk’s massive following with over 196 million followers, the post was quickly spread around. At the time of writing, the number of views on the post has since crossed 67 million, and counting, showing the vitality of this one picture.

In less than one day, there were almost 600,000 likes on the post, with over 70,000 retweets. As expected, this turned out to be good for the Dogecoin price, with the community celebrating the post which has brought more eyes to the meme coin once more.

Dogecoin Rebounds With Positivity

Elon Musk’s posts about Dogecoin have bene know to have a positive effect on the price and this time was no different. Before the post was made, the DOGE price was struggling to hold support at $0.09 as Bitcoin and the entire crypto market fluctuated. However, Musk’s post was a saving grace for the meme coin.

Related Reading: Litecoin Sees Massive Surge In Whale Activity: Price Surge Incoming?

Following the post, the Dogecoin price saw a recovery, pushing it toward $0.1 once again. While there had been some retracement, the price still saw a 2% gain on Sunday, helping it to reclaim the $0.096 level at the time.

However, there are still some bearish headwinds for the DOGE price, especially when it comes to volume. According to CoinMarketCap data, on Sunday, the volume fell 54.42% to $365 million. But this could also be bullish as it could point to a decline in the rate at which sellers are offloading their coins. In this case, the decline in volume could be bullish for the altcoin’s price.

Dogecoin price chart from Tradingview.com
DOGE price rebounds from crash | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Scott Matherson

Scott Matherson

Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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