The Dogecoin price has gained over 7% in the last 24 hours, outperforming Bitcoin and Shiba Inu. This price increase is primarily due to the richest man in the world, Elon Muskwho continues to indirectly support the leading meme coin.

Why Dogecoin price rose over 7%

Dogecoin price rose over 7% after Musk's tweet alluding to “DOGE.” Musk simply said in his post, “DOGE will solve the problem,” in response to another post that claimed politicians and bureaucrats are the biggest threat to humanity’s progress and prosperity.

The acronym stands for “Ministry of Government Efficiency“, a position Musk could take under a Donald Trump administration. The former US president said that if elected he would want to use Musk's expertise to curb excessive government spending.

Musk coined the term “DOGE” and members of the Dogecoin The community believes this was intentional, considering Musk's fondness for the DOGE meme coin. Therefore, Musk's continued use of the term was understood as an indirect support for the main meme coin. In addition, the logo of the Department of Government Efficiency is a Shiba Inusimilar to Dogecoin.

Given the impact Musk’s “DOGE” posts are having on Dogecoin price, Donald Trump's victory and Musk taking over the reins of this department could provide another major boost to the leading meme coin.

Currently, the DOGE community is raving about the Dogecoin price being one of the top gainers in the last 24 hours. The meme coin has surpassed Bitcoin and Shiba Inuwhich did not record any significant increases during this period. This is undoubtedly positive considering that the meme coin has so far lagged behind these coins.

Elon Musk could be the key to the Dogecoin bull run

Considering his continued support for the leading meme coin, Elon Musk could be the key to the Dogecoin bull run. Dogecoin price has underperformed other meme coins so far this market cycle, raising questions about whether DOGE could repeat its rallies in previous bull runs.

While this remains to be seen, Musk could contribute to any potential rally that the Dogecoin price is experiencing in its recent stages this bull run. This is based on the fact that the world's richest man has teased providing additional use cases for the meme coin by making it a payment option for purchasing Tesla cars and goods.

Additionally, speculation continues that Dogecoin could be integrated into the The X platform payment service when it goes live. This will be huge for DOGE adoption considering how many X users could use the meme coin.

At the time of writing, Dogecoin price is trading at around $0.12, up over the last 24 hours Data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com