Elon Musk's D.O.G.E. Department Tweet Causes Dogecoin to Drop to $2
Following a single tweet from Elon Musk that ignited the cryptocurrency world, Dogecoin (DOGE) shot up to an incredible $2.13 400% increase from its week-low. With a winking Shiba Inu emoji, the Tesla tycoon and recently named co-head of the Department of Government Efficiency (D.O.G.E.) said on social media, "The Department of Government Efficiency loves a good meme coin." The DOGE community exploded in a matter of minutes, causing trade volumes to reach an incredible $50 billion in a single day, setting a new record for the joke-based meme coin.
When the mysterious message was released at 3:17 AM EST, it caused a purchasing frenzy as DOGE ardent supporters and retail investors flocked to exchanges. The price broke over its previous peak of $0.7316 in May 2021, solidifying Musk's unparalleled control over the asset. According to @DogeKing420, "Elon is the rocket fuel we needed."
on X, reiterating supporters' views that this is "just the beginning" for the so-called "people's cryptocurrency." According to others, Musk's D.O.G.E. function, which involves cutting government waste, may allude to an odd scheme to incorporate Dogecoin into governmental processes.
But critics are raising the alarm. "This bubble is textbook," cautioned Sarah Tran, a CryptoSkeptic expert. "Anticipate a harsh correction—meme coins thrive on hype rather than fundamentals." Bulls argue that Musk's participation and a pro-crypto Trump government might push it above $5 by summer, while bears cite DOGE's 2021 fall as proof. As traders rushed to profit, exchanges like Binance reported momentary disruptions.
The Shiba Inu mascot is currently in charge, and DOGE's market value is close to $300 billion. It's uncertain if this is a temporary pump or a significant turning point in history. There's no denying that Elon's tweet has once again demonstrated his mastery of meme coins. #DogeFever
Notice: This is a work of fiction; no actual occurrences or forecasts are made.
