Elon Musk's favorite cryptocurrency, Dogecoin DOGE/USD, became one of the biggest market gainers in the last 24 hours, most likely due to his social media activity.
What happened: The biggest meme token by market cap, DOGE, bounced more than 7% in emerging as the third best-performing cryptocurrency in the last 24 hours.
The coin's trading volume soared by 70%, making it the most traded meme coin in the last 24 hours.
With the latest rally, DOGE's weekly and monthly gains lifted to 15.50% and 24%, respectively.
Why It Matters: The rally was likely spurred by yet another mention of DOGE, an acronym for Department of Government Efficiency, by Musk.
The tech mogul was responding to concerns of bureaucratic red-tapism by another X user, stating that "D.O.G.E will fix it."
For the unknown, the so-called DOGE department, headed by Musk in a potential Donald Trump administration, would oversee the operations of different agencies and, in Musk's words, weed out regulations that don't make sense.
The Tesla CEO has been frequently mentioning DOGE in his X posts of late, causing the price of the associated meme coin to jump.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.1252, up 7.58% in the last 24 hours, according to data from Benzinga Pro.
Image via Pixabay
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