Elon Musk, known as the “Doge Father,” has sparked new discussions in the cryptocurrency market, particularly around meme coins. His active support for Dogecoin 
$0.338951 has intensified speculation through his posts on the X platform. Additionally, the new organization named Department of Government Efficiency (D.O.G.E.), formed by Musk and Vivek Ramaswamy under Donald Trump’s leadership, has further boosted optimism in the markets.
Musk’s Support for Dogecoin
Billionaire entrepreneur Elon Musk is especially recognized for his support of Dogecoin among crypto enthusiasts. His backing of pro-Bitcoin 
$94,756 Donald Trump before the U.S. elections has also caught the attention of market participants.
Recently, Musk made several posts related to Dogecoin on X, including an image where he introduced himself as the “Doge Father” alongside his son. He also referred to his son as “The DogeSon.”
D.O.G.E. Organization and Its Impact
Musk has also shared information about the newly established Department of Government Efficiency (D.O.G.E.) led by Donald Trump and Vivek Ramaswamy. The abbreviation D.O.G.E. resembles Dogecoin’s exchange symbol, increasing optimism among investors.
Following Musk’s posts, the price of Dogecoin rose approximately 5%, reaching $0.45. However, trading volume saw a decline of over 26%. According to CoinGlass data, Dogecoin Futures Open Positions increased by over 8%, reaching $4.04 billion.
Another post by Musk supporting D.O.G.E. advisor Ron Paul drew attention as Paul proposed the complete elimination of U.S. foreign aid. Recent analyses indicate that Dogecoin has the potential to rise to $0.5, with momentum possibly pushing it towards $0.7 and potentially $1.
Market observers are closely monitoring Musk’s posts and their effects on Dogecoin and meme coins overall. Musk’s interest in Dogecoin continues to create fluctuations in the markets, prompting investors to stay alert to these developments.
