Dogecoin once again caught the crypto community's attention following Elon Musk's remarks, causing its price to rise by 9% up to $0.14. This increase occurred in the wake of Musk's recent comments in Folsom, Pennsylvania.

Musk's Mention of DOGE

At a town hall meeting in Folsom, Elon Musk, responding to an audience question about his 'Department of Government Efficiency' project, cleverly remarked, 'Yeah, D.O.G.E.', which drew cheers from the crowd. This statement quickly led to a surge in Dogecoin's price on social platforms.

Musk's Influence on Dogecoin

Musk's support for Dogecoin has a history of impacting its price. A class action lawsuit accusing him of price manipulation was dismissed in August. Dogecoin reached an all-time high of $88 billion market cap in May 2021, partly due to Musk's public appearances, including his 'Saturday Night Live' sketch.

Market Reaction

The recent price jump of Dogecoin also affected other cryptocurrencies; Bitcoin rose by just 3%, reflecting growing investor interest in DOGE. This surge comes amid expectations that a Trump presidency might lead to more favorable cryptocurrency regulations.

Dogecoin has once again come to the forefront after Elon Musk's statements, and many market participants eagerly await how the cryptocurrency market will develop in the coming days.