Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Elon Musk’s Dogefather Post Stirs Market: DOGE Gains 6.4%

Elon Musk’s Dogefather Post Stirs Market: DOGE Gains 6.4%

Cryptotale2024/11/19 06:47
By: Gabriele
XOLDTOKEN0.00%DOGE-4.59%
Elon Musk’s Dogefather Post Stirs Market: DOGE Gains 6.4% image 0
  • Elon Musk’s Dogefather post led to a significant surge in Dogecoin’s trading volume.
  • Musk’s post amassed over 16 million views and attracted broad industry attention.
  • DOGE’s market gains coincided with Musk’s continued social media influence and activity.

Dogecoin (DOGE) experienced a notable price surge following a cryptic post by Elon Musk. The surge followed Musk’s latest social media tease, where he posted a “DOGEFATHER” portrait on his X account. The post amassed 16 million views and attracted industry attention, including a response from Dogecoin’s official page.

The cryptocurrency, valued at $0.3852 at press time, saw its trading volume climb to $11.1 billion in 24 hours, a 35.5% increase during this press. Over the past 24 hours, DOGE’s price rose by 6.4%, though it remains 3.7% lower than a week ago. 

Elon Musk’s History with Dogecoin

Elon Musk’s interactions with Dogecoin have consistently drawn attention. Often called the “Dogefather” by fans, he has frequently referenced the coin in his social media posts. These playful nods, while informal, have significantly impacted DOGE’s market movements. 

Despite never formally endorsing Dogecoin, Musk’s influence has been evident. His posts often lead to sharp price shifts, reflecting the volatility tied to public figures in the crypto market.

Legal Challenges Highlight Market Risks

Musk’s influence over Dogecoin has not been without controversy. In the recent past, he faced a lawsuit from investors who accused him of manipulating the cryptocurrency’s price. This legal battle, although already solved, underscores the risks tied to his public statements and their financial implications. 

While Musk’s playful remarks have endeared him to many in the Dogecoin community, they have also drawn criticism. The lawsuit highlights the fine line between market influence and responsibility. As the case proceeds, it raises broader questions about accountability in the cryptocurrency space.

Political Links and Market Performance

Dogecoin’s price movements have also been linked to political events. Following Donald Trump’s recent election victory, DOGE saw substantial growth. The surge coincided with Musk’s appointment to lead a new “Department of Government Efficiency.” Notably, the department’s acronym spells “DOGE,” further fueling speculation. 

This event mirrors previous market reactions where Dogecoin’s value surged in response to Musk’s actions. Musk also suggested the use of Dogecoin as a payment option in Twitter. The existence of these connections demonstrate how dynamic factors of the market drive its behavior.

His cryptic and lighthearted social media posts have repeatedly triggered sharp price movements. These moves also show just how easy it is for external forces to intrude into the cryptocurrency market.

The post Elon Musk’s Dogefather Post Stirs Market: DOGE Gains 6.4% appeared first on CryptoTale.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!
Bitget Announcement2025/09/12 07:46
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
New spot margin trading pair — LINEA/USDT!
Bitget Announcement2025/09/11 10:04

Trending news

More
1
New spot margin trading pair — HOLO/USDT!
2
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

Crypto prices

More
Bitcoin
Bitcoin
BTC
$115,519.86
+0.17%
Ethereum
Ethereum
ETH
$4,607.34
-0.56%
XRP
XRP
XRP
$3.05
-2.48%
Tether USDt
Tether USDt
USDT
$1
-0.02%
Solana
Solana
SOL
$245.64
+3.00%
BNB
BNB
BNB
$924.89
-0.35%
USDC
USDC
USDC
$0.9998
-0.00%
Dogecoin
Dogecoin
DOGE
$0.2768
-6.93%
TRON
TRON
TRX
$0.3481
-0.22%
Cardano
Cardano
ADA
$0.8909
-4.32%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter