Elon Musk New DOGE Post Excites Dogecoin Community

Elon Musk's "DOGE" Tweet Ignites Dogecoin Community

Elon Musk has once again sparked a reaction within the Dogecoin community with his recent tweet. The Tesla and SpaceX CEO posted a message that reads, "Department of Government Efficiency," which could be abbreviated as "DOGE."

Accompanying this playful nod to Dogecoin was an image of Musk, adding a visual element that further captivated his followers. Musk cleverly played with the acronym "DOGE," referring to his tweet as "Department of Government Efficiency."

This is not the first time Musk has made such a tweet. In the past month, he posted a similar message, which also caused a stir in the Dogecoin community. Recent weeks have seen the Tesla CEO return to Dogecoin references in playful posts, even responding to Dogecoin-related comments.

Dogecoin Price Reaction

Despite Musk's tweet, the Dogecoin price remains down in the last 24 hours, according to CoinMarketCap data. Cryptocurrencies continued to plummet on Saturday, extending Friday's downturn that took Bitcoin to its lowest point in a month.

Bitcoin had briefly recovered after a weaker-than-expected nonfarm payrolls report before returning to the downside. Although some cryptocurrencies are trading higher, others are falling, such as Dogecoin, which is down 2.39% in the last 24 hours to $0.095. The dog-themed cryptocurrency is also down 6.28% weekly.

Dogecoin, with its Shiba Inu image, was the first meme coin, a type of cryptocurrency derived from internet memes or jokes. It hit an all-time high of $0.737 in May 2021, after which it plunged by around 87%.