Elon Musk Reignites Public Support For Dogecoin, Triggers Price Rebound

Elon Musk has long been a fan of the Dogecoin meme coin and is known for being the main figurehead in the 2021 rally. While the billionaire has since slowed down his posts about the meme coin compared to 2021, he has maintained his position as a Dogecoin supporter. In a recent post, the billionaire mentioned the meme coin again, saving it from a rapid decline.

Elon Musk Posts About DOGE

Over the weekend, Elon Musk sparked another frenzy among the Dogecoin community with a new post. The X (formerly Twitter) post, which consisted of an image of the billionaire, had the words DOGE spelled out in bold for the world to see.

The image was an AI-generated image of the billionaire wearing a gold chain. He captioned the post with the words, “Department of Government Efficiency,” with the initials of each word spelling out D.O.G.E in gold in front of the billionaire.

Due to Elon Musk’s massive following with over 196 million followers, the post was quickly spread around. At the time of writing, the number of views on the post has since crossed 67 million, and counting, showing the vitality of this one picture.

In less than one day, there were almost 600,000 likes on the post, with over 70,000 retweets. As expected, this turned out to be good for the Dogecoin price, with the community celebrating the post which has brought more eyes to the meme coin once more.

Department of Government Efficiency pic.twitter.com/HFeHYNIkJN

— Elon Musk (@elonmusk) September 7, 2024

Dogecoin Rebounds With Positivity

Elon Musk’s posts about Dogecoin have bene know to have a positive effect on the price and this time was no different. Before the post was made, the DOGE price was struggling to hold support at $0.09 as Bitcoin and the entire crypto market fluctuated. However, Musk’s post was a saving grace for the meme coin.

Following the post, the Dogecoin price saw a recovery, pushing it toward $0.1 once again. While there had been some retracement, the price still saw a 2% gain on Sunday, helping it to reclaim the $0.096 level at the time.

However, there are still some bearish headwinds for the DOGE price, especially when it comes to volume. According to CoinMarketCap data, on Sunday, the volume fell 54.42% to $365 million. But this could also be bullish as it could point to a decline in the rate at which sellers are offloading their coins. In this case, the decline in volume could be bullish for the altcoin’s price.