The Dogefather Is Back – Elon Musk Sent Dogecoin Pumping

• Elon Musk's X post showing him as the head of the Department of Government Efficiency (acronym: D.O.G.E.) has thrilled crypto enthusiasts.
• Dogecoin has pumped by 3.24% in less than a day following Musk's post.
• Trump's hint that he might make Musk a member of his cabinet if he wins the elections could fuel Dogecoin's growth, by extension.

The Dogefather is back asElon Musk sent Dogecoin pumping on August 20. He posted a picture of himself as the head of the Department of Government Efficiency, which is D.O.G.E. for short.

$DOGE increased by 3.24% in less than a day, from $0.1016 to the current $0.1049.

What started all this was Trump's announcement that he would make Elon Musk a cabinet member or advisor if he won the elections.

Is the Dogefather's return a good sign for Dogecoin?

Let's unpack the news and see how Elon Musk's D.O.G.E. post caused this bullish wave to hit the crypto market and what it could mean.

Musk Declares Himself D.O.G.E., Sends Dogecoin Up

In his now-famous X post on August 20, Elon Musk declared, I am willing to serve,'alongside a picture of himself as the head of the Department of Government Efficiency.

I am willing to serve pic.twitter.com/BJhGbcA2e0

- Elon Musk (@elonmusk) August 20, 2024

His title coincidentally (or not) is abbreviated D.O.G.E., which most crypto enthusiasts were quick to spot. Dogecoin supporters were especially thrilled to regain the support of the Dogefather.

His recent interactions with Donald Trump are no secret, and the former president hinted that he might make Musk a member of his cabinet if he wins the elections. It seems Musk is saying he's ready and willing to do the task.

In the last 24 hours, Dogecoin has climbed to $0.1049. This is a 3.24% increase as investors show renewed interest in the coin.

Will Dogecoin keep climbing, and will it skyrocket if Musk ends up as one of Trump's assistants? That's not an outside expectation for most Dogecoin fans.

Good Sign for Meme Investors

As the Dogefather is back and Elon Musk sent Dogecoin pumping, it could signal positive times ahead. Dogecoin has increased by 65.29% this year, from $0.06259 to $0.1043.

Its market cap is the highest among all meme coins at $15B, and the 24-hour trading volume shows $500M. Moreover, the coin could rally to $0.17, and Musk's support might seal the deal.

After the current sideways action, this momentum could place Dogecoin in the spotlight, fueling further growth and attracting more investors.

The post The Dogefather Is Back - Elon Musk Sent Dogecoin Pumping appeared first on The Tech Report.