Dogecoin, the original meme cryptocurrency, is making headlines again after surging 12% over the past 24 hours. According to data from CoinGecko, the token is trading at $0.1287, a huge price jump. The impressive surge came after a tweet from billionaire Elon Musk, inventor of electric cars Tesla and rocket company SpaceX.
On Tuesday, Musk tweeted: “DOGE will fix it,” about a report in The Los Angeles Times revealing that California officials had blocked SpaceX from launching more rockets. The tweet generated a lot of traffic on social media, especially among Dogecoin investors and the community, who believed Musk’s words were a great guide to buying the coin.
While Musk's tweet was technically about a hoax, the "Department of Government Efficiency," something of a reference to former President Donald Trump's idea for improving government, it didn't take long for traders to link the product to DOGE. Since Musk has a history of actively promoting Dogecoin, many thought his recent comments were actually promoting another Dogecoin pump.
Dogecoin was launched in 2013 as a joke to mock the inherent appeal of Bitcoin and digital currencies in general. It has since grown to become the ninth-largest altcoin by market capitalization, worth nearly $18.5 billion. Down 83% from its 2021 high, Dogecoin remains popular largely due to Musk's continued support for the coin. However, during its peak, Musk even shared jokes about the token, which contributed to its popularity.
Musk's Impact on the Future of Doge
Musk appears to have sold Dogecoin for good, and it remains unclear whether he is still volunteering his time to work with Dogecoin core developers to make DOGE more efficient, as he has done in 2021. However, his recent contributions to the social media market have made a difference in the coin’s price. Staking is just one of the positive trends related to Dogecoin’s price, but Musk’s social media activity doesn’t appear to be slowing down anytime soon.