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Technology billionaire Elon Musk fueled market speculation with his recent “DOGE” comment during Donald Trump’s inauguration. In a celebratory speech following the oath ceremony, Musk praised Trump’s election victory, stating “DOGE to MARS,” which significantly impacted market enthusiasts. This remark also nourished hopes for a potential rise in the leading meme coin, Dogecoin 
$0.163376.
Elon Musk’s Comment Ignites Speculation
Elon Musk, a technology giant and close associate of Donald Trump, drew attention with his recent appearance at the presidential inauguration. He described the election outcome as critical for America, expressing optimism about the country’s future under Trump’s administration, emphasizing themes like secure borders and revitalized spending.
In his speech, Musk expressed his support for Dogecoin by stating, “We will take DOGE to Mars.” Many perceived this as a playful endorsement of the popular meme cryptocurrency, while others interpreted it as a metaphor for Musk’s initiative, the Department of Government Efficiency (DOGE), aimed at improving federal operations.
Meme Coin Community’s Response
The meme coin community warmly welcomed Musk’s recent remarks on DOGE. His previous support for the meme coin led to a surge in cryptocurrency prices. The abbreviation of the Department of Government Efficiency (D.O.G.E.) resembling the Dogecoin ticket also fueled speculation.
Despite Musk’s enthusiastic words, D.O.G.E. faced challenges. Legal issues and leadership changes created uncertainty about the agency’s future, affecting Dogecoin prices, which declined following the news.
Today, despite Musk’s comments, Dogecoin’s price fell by approximately 10% to $0.3434. The trading volume also decreased by about 37% to $7.12 billion. Over the last 24 hours, DOGE fluctuated between $0.3825 and $0.3359, with open interest in DOGE futures showing a decline of roughly 12%, indicating a bearish sentiment in the market.
Nevertheless, recent whale activity demonstrates that investors continue to believe in their favorite meme coin. Market expert Ali Martinez noted that 588 Dogecoin transactions exceeding $1 million recently occurred. This increased trading volume has heightened market optimism for a potential rise in the meme coin in the coming days.
“DOGE to Mars” comment generated significant excitement within the meme coin community and supports a potential rise.
Additionally, Dogecoin price analyses predict that the meme coin could reach $0.40 in the coming days. However, these analyses also suggest that the meme coin may consolidate in the range of $0.37 to $0.41 for a while.
Elon Musk’s “DOGE to Mars” comment positively influenced the Dogecoin community but led to ongoing fluctuations in the cryptocurrency market. Investors remain hopeful about Dogecoin’s future, considering Musk’s impact on social media.
