Dogecoin Rises 17% After Musk Tweet: Should You Buy DOGE?

Dogecoin is the highest-gaining cryptocurrency out of the top 40, and Elon Musk is to thank for the recent surge. Musk tweeted on Tuesday that “D.O.G.E will fix it” in response to a Los Angeles Times article about California officials preventing Musk’s SpaceX from conducting more rocket launches. The D.O.G.E he was referring to is an idea posed by Donald Trump about a government efficiency commission – the Department Of Government Efficiency. Trump has said that if he was elected he would make Musk the head of this division.

DOGE responded extremely well to this tweet by Musk. Over the past 24 hours, Dogecoin has jumped 6.8%. It’s also up 17% this week, currently priced at $0.1236. Given Musk’s influence over the Dogecoin valuation in 2021, Trump winning the election could create a massive tailwind for the world’s largest meme coin to continue growing.

Elon Musk, Bitcoin Drive Dogecoin Upward

The asset has long been consolidating, showing signs of stagnancy when it comes to its price valuation. However, this recent climb has holders and investors alike bullish. Per Santiment, the recent BTC spike also favored Doge, contributing to the dog-themed currency’s recent success. The much-needed boost for DOGE has helped stabilize its price pedestal, giving it a chance to explore higher price levels by leveraging the current market momentum. According to CoinCodex analysis, Doge may note a notable decline in its price level by the end of this month. It may trade at $ 0.107862 by October end.

Also Read: How Much Dogecoin Does DOGE Founder Billy Markus Own?

Amid the recent Doge downturns, leading crypto analyst Ali Martinez also shared how, despite the low Doge momentum, Dogecoin active addresses have managed to peak at 133,880, signaling strong user support. The active addresses are at their highest since the start of 2024, which reveals that the activity around the token is at a year-to-date high leading up to the November election.

Dogecoin, along with other assets in the market, is expected to witness a spike, going by history and current trends. Prepping the community for the same, Martinez pointed out that Dogecoin indicated a buy signal.