Dogecoin: the price of the crypto in pump by +23% after Elon Musk’s tweet

Dogecoin has experienced a price pump of +23% in the last week, especially after Elon Musk shared one of his tweets. The memecoin continues to be linked to the CEO of Tesla and SpaceX, and future head of the Department Of Government Efficiency (D.O.G.E). 

Dogecoin: the price pump of the crypto after Elon Musk’s tweet about D.O.G.E

Dogecoin (DOGE), the memecoin par excellence, has recorded a price pump of +23% in the last seven days.

This increase started after Elon Musk posted on Tuesday a tweet of his that talked about D.O.G.E intended as the Department Of Government Efficiency, of which he will become head if Donald Trump were to win the presidential elections in the USA. 

“the D.O.G.E. will solve it”

As you can see, Musk responded to an article from the Los Angeles Times discussing California officials preventing Musk’s SpaceX from conducting further rocket launches. 

Despite the D.O.G.E Musk refers to in this tweet not being the crypto DOGE, the memecoin still soared in price.

At the time of writing, DOGE is worth $0.133, in pump also by +7% in the last 24 hours, after Musk shared other tweets posted by other subjects about him and D.O.G.E. Here are some examples: 

“Elon Musk talks about the possibility of serving in the D.O.G.E.: “Politicians seem to forget that the money spent is your money and if it is not spent advantageously for the American people, it is a misuse of funds.”

“@elonmusk is explaining what he would do as director of the D.O.G.E. with his golden hat #MAGA!”

Dogecoin: the price continues to be influenced by Elon Musk’s tweets

For years, the price of Dogecoin has continued to be influenced by Elon Musk’s tweets. It’s no coincidence that the CEO of Tesla and SpaceX has always expressed his “love” for the memecoin. 

For example, without going too far, just last year Musk had responded to an interview with WSJ that he does not advise anyone to buy DOGE but that Dogecoin is his favorite crypto because it has the best humor and has dogs. 

Also during 2023, after Musk acquired Twitter and transformed it into X, for a few days he replaced the infamous “blue bird” logo with the Shiba dog of DOGE.

Note that for each of these small actions in favor of the crypto meme, the price of Dogecoin responded immediately by recording various pumps. 

Precisely for this reason, there was a real class action against Musk accusing him of being the influencer of the crypto up to insider trading on Dogecoin. 

In this regard, last August 2024, the judge dismissed the case against Musk, clearing him of all charges of having manipulated the price of the memecoin.

The boom of daily transactions on the blockchain

And if on one side there might be Musk’s tweets driving up the price of DOGE, on the other side there are those who rely on blockchain data. 

In practice, in the first half of October, the blockchain of Dogecoin recorded two booms in the number of daily transactions. 

The first occurred on October 1st with almost 570,000 transactions in one day, while the second was on October 7th with more than 550,000. 

These data are chilling when you consider that on other days, the number of transactions rarely exceeds 250,000 transactions, with daily peaks even lower than 50,000. 

At that moment, however, these two events of the month had not influenced the price of DOGE, which instead started to rise from last Tuesday, October 15.