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Elon Musk teased a “DOGEFATHER” portrait on his X account today, sparking a 2.92% rise in the market value of the memecoin, Dogecoin (DOGE).
pic.twitter.com/7NHqlQBbcZ
— Elon Musk (@elonmusk) November 19, 2024
At the time of writing, $DOGE is trading at $0.3950, reflecting a 2.92% increase following Musk’s playful tease. The market cap of $DOGE has surged by 4.40%, reaching $57.55 billion. Additionally, $DOGE’s 24-hour trading volume has climbed by 25.83% to $9.22 billion.
Elon Musk, affectionately called the “Dogefather” by the DOGE community, has often dropped “subtle jests” about Dogecoin while carefully avoiding direct endorsements. However, for the DOGE community, even lighthearted hints are enough to inspire a significant increase in investment.
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In fact, it was Elon Musk who accepted the suggestion to name the new department for reducing government expenses the “Department of Government Efficiency (DOGE)” when President-elect Donald Trump first proposed that Musk join his administrative team. At the time, it was unprecedented for a memecoin launched as a joke to gain so much attention.
Currently, Musk and Republican Vivek Ramaswamy will be leading ‘DOGE’ and have even unveiled the department’s logo, which (no surprise here) features the iconic ‘DOGE dog’.
Musk recently revealed that he still holds a substantial amount of Dogecoin personally, while SpaceX owns a significant amount of Bitcoin (BTC). This disclosure further reinforced his association with memecoins.
Regarding the ripple effects of Musk’s comments on SpaceX’s Bitcoin portfolio, the price of Bitcoin, which was around $89,000 at the time, briefly soared to $92,000 in the morning. Notably, as of this writing, Bitcoin has recorded a 2.9% increase, trading at $91,663.83 since the announcement.