Crypto News- Dogecoin, the beloved dog-themed meme coin, has made waves this week with a significant surge. Its value soared by over 50% in the past seven days, reminiscent of its behavior during previous bullish periods. According to CoinmarketCap data, DOGE has reclaimed its spot among the top 10 cryptocurrencies, currently trading at $0.128, boasting a market capitalization of $18.34 billion.
This recent rally mirrors Dogecoin’s behavior from four years ago when Elon Musk, the enigmatic figure behind X, openly endorsed the meme coin. Musk’s various remarks served as catalysts for Dogecoin’s surge during the last bull run, propelling it into the limelight.
Dogecoin Surges Back into Top 10: Elon Musk’s Role in the Journey to 1 Dollars
With DOGE’s latest resurgence, the crypto community eagerly anticipates whether Musk will once again influence the fate of the meme coin. Should he choose to do so, many enthusiasts wonder just how high DOGE could climb this time around.
In 2020, Musk’s vocal support and occasional purchase of Dogecoin captured headlines. He even hinted at the possibility of Tesla, his electric car company, accepting Dogecoin as a form of payment. Such statements piqued the curiosity of countless crypto enthusiasts, igniting hopes for DOGE’s future.
Musk’s endorsement of DOGE triggered a massive fear of missing out (FOMO), fueling unprecedented demand for the meme coin and leading to several jaw-dropping rallies. In 2020 alone, DOGE witnessed an astounding surge of over 28,000% in just five months, cementing its status as one of the year’s top performers.
Musk’s affinity for cryptocurrencies persists, with reports suggesting that his social media platform, X, is partnering with Stripe to introduce crypto payments. Initial indications suggest that USDC will be the first cryptocurrency supported for payouts, with others likely to follow suit.
DOGE’s price surge this month has exceeded 76%, reaching levels last seen in 2022, according to TradingView data. With many users anticipating further gains, all eyes are on the meme coin’s continued resurgence, eagerly awaiting positive reactions from one of the crypto market’s most influential figures.
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