Popular dog-themed meme coin, Dogecoin DOGE/USD ticked upwards Monday overnight after one of its biggest endorsers, Tesla CEO Elon Musk, posted an AI-generated image referencing the cryptocurrency.
What Happened: In an X post, Musk shared a picture, showing him behind a mic stand with the words D.O.G.E, standing for Department of Government Efficiency.
"I am willing to serve," read the caption to the post shared from his official handle.
Within minutes, DOGE started to trend upwards, taking its 24-hour gains to 3.56% at the time of writing. The canine coin's trading volume surged 44.33% to $572 million.
See Also: Bitcoin Looking Bearish While Equities Are At All-Time Highs: What Gives?
Why It Matters: Musk's playful post came after former President Donald Trump stated his willingness to nominate Musk to a cabinet or advisory role if he returns to power.
Over the years, DOGE has been largely driven by social posts and endorsements by Musk, as well as developments around companies owned by him.
Musk reiterated his affinity for the meme coin in an appearance on the X Takeover podcast last month, saying that he has got a soft spot for Dogecoin because of his fondness toward dogs and memes.
Price Action: At the time of writing, DOGE was exchanging hands at $0.104 up 3.56% in the last 24 hours, according to data from Benzinga Pro.
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