Elon Musk posted a “DOGEFATHER” portrait on his X account, which led to a 2.92% increase in the value of Dogecoin (DOGE). The market cap of DOGE has risen by 4.40%, reaching $57.55 billion, and its 24-hour trading volume has increased by 25.83% to $9.22 billion. Elon Musk is often referred to as the “Dogefather” by the DOGE community, and his mentions of Dogecoin have been known to cause significant increases in investment.
He was also involved in naming a department for reducing government expenses as the “Department of Government Efficiency (DOGE)” when President-elect Donald Trump invited him to join his administration. Musk has personally held a substantial amount of Dogecoin, and SpaceX owns a significant amount of Bitcoin (BTC).
Musk’s comments have also had an impact on Bitcoin’s price, which increased by 2.9% to $91,663.83 since the announcement.
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