Elon Musk Impacts Dogecoin Market with Bold Moves

Elon Musk, known as the “Doge Father”, has sparked new discussions in the cryptocurrency market, especially around meme coins. His strong support for Dogecoin has increased speculation through his posts on the X platform. Additionally, a new organization called the Department of Government Efficiency (DOGE), founded by Musk and Vivek Ramaswamy under the leadership of Donald Trump, has further promoted optimism in the market. Musk's support for Dogecoin Billionaire entrepreneur Elon Musk is particularly known for his support of Dogecoin among cryptocurrency enthusiasts. His endorsement of Donald Trump's support for Bitcoin prior to the US election has also attracted the attention of market participants. Recently, Musk has posted some articles related to Dogecoin on X, including an image in which he introduces himself as "Doge Father" along with his son. He also calls his son "The DogeSon". DOGE organization and its impact Musk has also shared information about the newly established Government Efficiency Office (DOGE) led by Donald Trump and Vivek Ramaswamy. The abbreviation DOGE is similar to the symbol of the Dogecoin exchange, increasing optimism among investors. After Musk's post, the price of Dogecoin increased by about 5%, reaching $0.45. However, the trading volume has decreased by more than 26%. According to CoinGlass data, the open position of Dogecoin Futures has increased by more than 8%, reaching $4.04 billion. Another post by Musk supporting DOGE advisor Ron Paul has attracted attention when Paul proposed completely eliminating US foreign aid. Recent analysis indicates that Dogecoin has the potential to rise to 0.5 dollars, with momentum that could push it to 0.7 dollars and possibly to 1 dollar. Market observers are closely monitoring Musk's posts and their impact on Dogecoin and meme coins in general. Musk's interest in Dogecoin continues to create market fluctuations, prompting investors to always be vigilant of these developments.