Elon Musk has been a longtime fan. Dogecoin meme coin He is known for being a key figure 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 advocate. In a recent post, the billionaire mentioned the meme coin again, saving it from a rapid decline.
Elon Musk publishes an article about DOGE
Over the weekend, Elon Musk sparked another wave of hype among the Dogecoin community with a new post. The X post (formerly known as Twitter), which featured a photo of the billionaire, had the word DOGE written in bold letters for the world to see.
The image was an AI-generated image of the billionaire wearing a gold chain. The post read “Ministry of Government Efficiency,” with the initials of each word written in gold DOGE in front of the billionaire.
Thanks to Elon Musk’s massive following of over 196 million, the post went viral. At the time of writing, the post has been viewed over 67 million times and is still growing, demonstrating the vibrancy of this image.
In less than a day, the post had nearly 600,000 likes, with over 70,000 retweets. As expected, this turned out to be the Good for Dogecoin priceas the community celebrates the post that brought more eyes to the meme coin once again.
Government Efficiency Management pic.twitter.com/HFeHYNIkJN
— Elon Musk (@elonmusk) September 7, 2024
Dogecoin is rebounding positively
Elon Musk’s posts about Dogecoin are known to have a positive impact on the price and this time it was no different. Before the post was published, DOGE price Bitcoin was struggling to hold support at $0.09 as Bitcoin and the entire cryptocurrency market volatility took hold. However, Musk’s involvement was a saving grace for the meme coin.
Following this post, Dogecoin’s price saw a recovery, pushing it back towards $0.1. While there was some pullback, the price saw a 2% rise on Sunday, helping it reclaim the $0.096 level at the time.
However, there are still some Bearish Headwinds for DOGE Priceespecially when it comes to volume. According to CoinMarketCap data, volume on Sunday fell by 54.42% to $365 million. But this could also be bullish because it could indicate a decrease in the rate at which sellers are dumping their coins. In this case, the decrease in volume could be bullish for the altcoin’s price.
Featured image created using Dall.E, chart from Tradingview.com