Elon Musk Posts About DOGE, Saving It From a Rapid Decline

Elon Musk has long been a fan of the Dogecoin meme coin and is known for being the main figurehead in the 2021 rally.

Elon Musk is still showing his love for Dogecoin, and his latest post has helped the meme coin avoid a rapid decline.

The X (formerly Twitter) post, which had the words DOGE spelled out in bold for the world to see, was an AI-generated image of the billionaire. He captioned the post with the words, “Department of Government Efficiency,” and the initials of each word spelled out D.O.G.E in gold in front of the billionaire.

With Musk's massive following of over 196 million followers, the post was quickly spread around. At the time of writing, the number of views on the post had crossed 67 million, and it was still rising, showing the vitality of this one picture.

In less than one day, there were almost 600,000 likes on the post, and it had been retweeted over 70,000 times. As expected, this turned out to be good for the Dogecoin price, and the community celebrated the post, which brought more eyes to the meme coin once more.

Department of Government Efficiency pic.twitter.com/HFeHYNIkJN

— Elon Musk (@elonmusk) September 7, 2024

Dogecoin struggled to find support at $0.09 before Musk's post.

Musk's posts about Dogecoin have been known to positively impact its price, and this time was no different. Before the post was made, the DOGE price struggled to find support at $0.09 as Bitcoin and the entire crypto market fluctuated. However, Musk’s post was a saving grace for the meme coin.

Following the post, the Dogecoin price saw a recovery, pushing it toward $0.1 once again. While there had been some retracement, the price still saw a 2% gain on Sunday, helping it to reclaim the $0.096 level at the time.

However, there are still some bearish headwinds for the DOGE price, especially when it comes to volume. According to CoinMarketCap data, on Sunday, the volume fell 54.42% to $365 million. But this could also be bullish as it could point to a decline in the rate at which sellers are offloading their coins. In this case, the decline in volume could be bullish for the altcoin’s price.