The Dogecoin price is currently in an upward momentum thanks to positive sentiment for the token. The trend came as Elon Musk made another bullish post on the meme coin.
Elon Musk DOGE Moon Post Triggers Dogecoin Price Rally
The meme coin has seen an increase in its price following comments from SpaceX and Tesla CEO Elon Musk. He said that he might send DOGE to the moon next year after the CEO was reminded of his 2021 pledge to achieve this goal.
This statement has revived the DOGE-1 mission, which is meant for collecting data from the moon. This mission is sponsored entirely by Dogecoin. According to Tom Ochinero, the Vice President of SpaceX, this mission will demonstrate the implementation of cryptocurrencies beyond Earth orbit.
This mission has been delayed several times, but it has not been launched yet, and prior to Musk’s statement, it was expected that this mission would be launched in mid- to late 2026. However, after this coymment, the Dogecoin price jumped by nearly 5% in the last 24 hours to a high of $0.109 before retracing to $0.1068.
Source: TradingView; Dogecoin price daily chartThe meme coin led the gains among the top 10 cryptocurrencies by market cap in the early hours of Tuesday. The crypto market also increased by 2% in the last 24 hours. Bitcoin has risen above $78,000. It has underperformed DOGE today by rising only 2.4%.
Bulls would continue to watch the situation over time to see if the founder keeps to his promises in hopes of seeing the Dogecoin price regain previous highs.
Expert Turns Bullish on DOGE
Since the comment was made by Elon Musk, more crypto experts are becoming extremely positive on the token’s upside. In a recent X post, prominent expert, Trader Tardigrade said that he expects the meme coin to “pump hard.” He compared the US-dollar index and gold’s movement in relation to the coin’s 2020 rally.
“Just before 2020: DOGE bottomed while $DXY & Gold were topping out Capital rotated out of “safe” assets into risk-on Exactly the same setup today,” he said.
Source: XThis Dogecoin price bullish setup can also be backed by utility developments. Last month, House of Doge shared that it would launch a DOGE payment app for its investors. It would allow users to create a wallet, buy the token, and make transactions in the app.
To add, Dogecoin ETFs seem to be gaining momentum after their initial slow start. The funds recorded fresh inflows yesterday amid the return of capital in the market. It now holds nearly $7 million in net inflow.
Source: https://coingape.com/dogecoin-price-pumps-as-investors-react-to-elon-musks-doge-moon-mission-post/
