Elon Musk’s tweet triggered the growth of Dogecoin

The meme cryptocurrency Dogecoin DOGE $0.17 Department Of Government Efficiency -0.99% Market capitalization $0.17 billion VOL. 24 hours $1.17 billion , is once again in the spotlight thanks to a joke post by Elon Musk. His latest tweet caused a short-term increase in the value of the coin. The Dogecoin Foundation is also actively working on its integration into the business environment.

In his last post, Elon Musk called Dogecoin «D.O.G.E.» — «Department of Government Efficiency». This tweet raised the price of Dogecoin to $ 0.43, reigniting discussions about its impact on the market.

Photo: elonmusk

Supporters consider him an important ambassador for the cryptocurrency, while critics accuse him of potential market manipulation.

It is known that Musk published this post shortly after the closure of a lawsuit against him, in which he was accused of artificially increasing the price of Dogecoin.

This has led many to speculate that his jokes are now more cautious in nature to avoid legal problems.

Meanwhile, the Dogecoin Foundation is developing real tools to popularize the coin. One of the key projects is Dogebox, a decentralized system that will allow small and medium-sized businesses to easily accept Dogecoin as a payment method.

The foundation is focused on three main goals:

• Expanding the Dogecoin developer community for innovation.
• Facilitating the adoption of cryptocurrency in business.
• Scaling the blockchain to serve global payments.

Despite the success in the first two areas, scaling remains a challenge. To this end, the Dogecoin Foundation is looking for new sponsors and hopes to attract major partners by 2025.

Elon Musk’s actions and the Dogecoin Foundation’s new initiatives once again confirm Dogecoin’s status as one of the most unpredictable and interesting cryptocurrencies. At the same time, the future of the coin will depend on both its popularity and its technological ability to become a global means of payment.