Dogecoin, often touted as Elon Musk's favorite cryptocurrency, experienced a significant price surge in the last 24 hours, making it one of the top market gainers. The meme coin saw a 7% increase, making it the third best-performing cryptocurrency during this period.
<h2>Dogecoin's Impressive Trading Volume</h2>
DOGE's trading volume soared by 70%, making it the most traded meme coin within the last day. This surge boosted its weekly gains to 15.5% and its monthly gains to an impressive 24%. The cryptocurrency, known for its strong connection to <a href="https://www.cryptoknowmics.com/news/elon-musk-faces-bureaucratic-hurdles-in-spacexs-mission-to-mars/" target="_blank" rel="noopener">Musk</a>, continues to benefit from his social media influence.
<h2>Musk’s Recent Mentions of DOGE</h2>
[embed]https://twitter.com/elonmusk/status/1846145126868926818[/embed]

The rally is believed to have been driven by Musk's latest mention of DOGE on X (formerly Twitter). Responding to concerns about government inefficiency, Musk quipped, “D.O.G.E will fix it.” This sparked speculation among users, leading to a renewed interest in the cryptocurrency. Musk was referring to DOGE as the "Department of Government Efficiency," a fictional department he jokingly suggested could fix bureaucratic issues in a potential Trump administration.
<h3>Musk’s Influence on Dogecoin’s Price</h3>
Elon Musk’s frequent mentions of Dogecoin have long been a catalyst for the meme coin’s price movements. His playful tweets and endorsements often result in price spikes, as seen in this recent rally. With Musk continuing to engage with the Dogecoin community, the meme coin could see further price volatility driven by his influence.

<em><strong>Disclaimer: </strong></em>The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Dogecoin Surges Over 7% Amid Elon Musk’s Social Media Activity

Dogecoin rallies over 7% following Elon Musk’s social media mention. DOGE’s trading volume also surged by 70%, boosting weekly and monthly gains.

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more
than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Dogecoin Surges Over 7% Amid Elon Musk’s Social Media Activity

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