Elon Musk’s Tweet Reignites Dogecoin as Price Surges over 100%

Elon Musk, the world’s richest man and self-proclaimed Doge father, is back to promoting the meme token following its skyrocketing prices. Musk retweeted a post on X praising the achievement of the digital asset that once started as an internet parody but is now worth billions of dollars.

The Tweet came from Melissa Chen, the co-founder of Ideas Beyond Borders. In the post, which impressed the Tesla boss, Chen expressed her enthusiasm about how DOGE has gained popularity since starting as just a meme token.

From Meme to Mainstream

“I’m cracking up so badly listening to serious WSJ journalists pronounce “DOGE” in their professional radio broadcasting voice in the context of a serious news bit, and part of me cannot believe that it all started from a meme. A govt agency was memed into existence Much wow,” she wrote.

This is so awesome 😎 😂 https://t.co/QLixI9t1tC

DOGE was one of the cryptocurrencies that led the recent crypto rally. The meme token, which was created in 2013 from a dog meme, now ranks sixth in the crypto asset list with a valuation of $58 billion. At the time of writing, the meme token was trading at $0.3977 after soaring over 105% in the weekly chart.

Crypto Rally

According to a recent report by Finance Magnates, the surge in DOGE prices and the bullish sentiment in the broader crypto space are linked to political and economic factors and general market speculation.

The crypto community welcomed Donald Trump's return to the White House after his victory in the US election. During his campaign, Trump lured the crypto community with many promises, including firing the Securities and Exchange Commission (SEC) Chair Gary Gensler if re-elected.

In a July YouTube livestream by Sky News, the President-elect and business mogul lauded Bitcoin, saying, "It is not just a marvel of technology; it is a miracle of cooperation and human achievement. A lot of relationships are formed. Obviously, there is competition, but there are relationships. There is a friendship that is developed."

Interestingly, despite the positive gains, most industry experts believe that DOGE could still retreat from the current high before any attempt at trading at $1. However, there has been significant buying activity among large investors, also referred to as whales. DOGE rally is also boosted by strong trading volumes.