Elon Musk Tweet Fuels Dogecoin Surge, Sends Department Of Government Efficiency (DOGE) Meme Coin Soaring

Updated: 17 October 2024

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An Elon Musk tweet fired up meme coin Dogecoin (DOGE) and sent the Department of Government Efficiency (DOGE) soaring, making the original DOGE the best-performing major meme coin before profit taking set in.

Elon Musk has a well-documented history of influencing meme coin prices with his tweets and on Oct. 15 he was at it again, this time tweeting that “D.O.G.E will fix it” in response to news that California officials had rejected more SpaceX rocket launches.

D.O.G.E will fix it 🪓

— Elon Musk (@elonmusk) October 15, 2024

Musk was referring to Donald Trump’s plan to put him in charge of a Department of Government Efficiency if he retakes the White House after next month’s presidential election.

Dogecoin Was Top Gainer Among Major Meme Coins After Musk Tweet

The Department of Government Efficiency meme coin went parabolic after the tweet, surging a maximum 196% before falling back. It is down 3.2% as of 10.21 a.m. ET.

The Dogecoin price surged almost 18% to $0.1299 in the 24 hours following Musk’s tweet, making it the best-performing crypto asset among the biggest meme coins by market cap. It’s since pared gains and is down more than 4%.

Next Meme Coin To Explode?

Investors looking for the next meme coin gem like Dogecoin often turn to presales, where right now it’s a Pepe (PEPE) derivative that is going parabolic in terms of funds raised.

Pepe Unchained (PEPU) blasted past the $20 million milestone earlier today as investors pile into a project that promises to bring a modern version of the PEPE meme coin to the market, complete with its own Layer 2 blockchain.

The idea behind PEPU is that it will liberate PEPE from the limitations of its old, clunky, Layer 1 blockchain on Ethereum.