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Dogecoin surged more than 10% today, surpassing the $0.1 mark after a renewed endorsement from Elon Musk. Investors are speculating whether the meme coin can rally further to $1, following Musk’s recent legal victory and ongoing support.
Dogecoin Price Surpasses $0.1
Due to increased interest in the cryptocurrency, the price of Dogecoin has jumped over 10% today, passing the $0.1 barrier.
Investors are feeling more bullish on the top dog-themed meme coin after hearing that tech tycoon Elon Musk is sponsoring it. Market participants have taken notice of the Dogecoin lawsuit update, which has increased speculation about a possible $1 surge in the near future.
Elon Musk, CEO of Tesla, reportedly got a federal case against him and Tesla dismissed for allegedly manipulating the Dogecoin price for personal benefit, according to Coingape. Claiming that the crypto's price was artificially inflated by 36,000.% due to insider trading and publicity stunts, the Dogecoin case was filed in a federal court in Manhattan.
Dismissal of Dogecoin Lawsuit Drives Interest
Nevertheless, US District Judge Alvin Hellerstein recently dismissed the case because the investors failed to provide evidence in all five iterations of the action. As the crypto market responds to the elimination of legal doubt around Musk's involvement, the revelation may be a factor in the recent price spike of DOGE.
Recent public statements by Elon Musk supporting the leading meme coin have added fuel to the fire of market conjecture. The CEO of Tesla expressed his desire to accept Dogecoin as payment for Tesla products in a recent X post. The possibility that the corporation may begin taking DOGE as a payment option for its vehicles has been stoked by this comment.
X Post Sparks Debate on Dogecoin Usage
Furthermore, a user of X has proposed Dogecoin as a possible remedy to the purported freezing of Starlink's bank accounts in Brazil. Musk responded to the post by saying, "Hmm... you make a good point."
The market is abuzz with anticipation due to this endorsement and his recent court victory. Investors have put their money on Dogecoin's potential since Musk has continued to promote the cryptocurrency, even after the lawsuit was dismissed.
While in office, Donald Trump has indicated that he would like Elon Musk to serve in the Senate or in an advising capacity. In response, the computer tycoon mentioned his interest in establishing a new agency he proposed calling the "Department of Government Efficiency" (or "D.O.G.E.".). This further shows how much he is beginning to believe in the meme coin. Also, in a recent X post, Musk announced that "DOGE" will be the department's official mascot.
DOGE Trading Volume Surges Amid Market Optimism
At the time of writing, the price of DOGE was $0.1041, having gained more than 10% today. The cryptocurrency reached a 24-hour high of $0.1046 as its trading volume surged nearly 74% to $639.67 million. According to data compiled by CoinGlass, interest in Dogecoin futures increased by 8% to $476.52 million, and interest in Dogecoin options increased by more than 37%.
Furthermore, the cryptocurrency might reach $1 if it breaks through key resistance levels, according to a new Dogecoin price research.
