Elon Musk has once again sparked discussions in the broader crypto market, let alone the meme coins space, calling himself the “Doge Father”. In a series of X posts recently, Musk has ignited speculations with posts related to Dogecoin, especially as he is known for his active support of the meme coin. In addition, the newly formed organization by Donald Trump, Department of Government Efficiency (D.O.G.E.), led by Elon Musk and Vivek Ramaswamy, has further fueled optimism.
Doge Father Elon Musk Share Cryptic Posts
Billionaire entrepreneur Elon Musk is well known among the crypto market enthusiasts, especially for his earlier backing for Dogecoin. In addition, his recent support for pro-Bitcoin Donald Trump, ahead of the US election, has also caught the eyes of the market participants in recent days.
Recently, Musk has shared a series of X posts related to DOGE, which has sparked widespread discussions in the market. Notably, in a post, the billionaire shared an image with his son and called himself “The Doge Father”. Besides, he has called his son as “The DogeSon.”
Meanwhile, he has also commented on the post, saying “Doge & Minidoge.” Additionally, Musk has sparked intrigue with another cryptic post on X, featuring an image of a smoke-shaped Shiba Inu dog engulfing a city. The image, shared without comment, is a repeat of a similar post made by Musk in November, following which Dogecoin has noted a strong rally.
Notably, the Dogecoin price also saw a spike today following Musk’s post, leaving many speculating over the potential reason behind the post. Besides, the billionaire has shared a flurry of posts regarding the Department of Government Efficiency (D.O.G.E.) recently, sparking optimism, as the short form of the organization resembles the Dogecoin ticker.
Dogecoin Rallies Indicating Strong Market Confidence
The top meme coins have noted a strong rally recently, indicating a shifting focus of the investors towards the segment. Amid this, the “Doge Father” Elon Musk’s post appears to have further boosted the market sentiment, as evidenced by the recent surge in Dogecoin.
DOGE price today was up nearly 5%, especially after Musk’s post, and exchanged hands at $0.45. However, its trading volume fell more than 26% to $7 billion at the same time. Notably, the crypto has touched a low of $0.4213.
Furthermore, CoinGlass data showed that Dogecoin Futures Open Interest rose more than 8% to $4.04 billion, indicating strong market confidence in the leading dog-themed meme coin. Besides, the Baby Doge Coin price also rallied more than 51% following the post.
However, in another post, the Tesla CEO has backed D.O.G.E. advisor Ron Paul, which has also caught the eyes of the market participants. In a recent update, Paul announced that he recommends eliminating foreign aid completely, saying that since World War II, nothing has benefited the US with its foreign policies.
Meanwhile, a recent Dogecoin price analysis hints at a potential rally of DOGE to $0.5. If the momentum continues, the analysis showed that the crypto could target $0.7 next, and potentially rally towards the $1 mark.
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