Dogecoin, the first meme cryptocurrency, is making headlines again after rising 12% in the past 24 hours. The coin is trading at $0.1287, a massive price increase, according to CoinGecko.

The impressive rise came after a tweet from Elon Musk, the billionaire inventor of the Tesla electric car and SpaceX rocket company.

While Musk’s tweet was technically a scam, the “Ministry of Government Efficiency,” related to former President Donald Trump’s ideas for government improvements, traders were quick to link the product to Dogecoin. Since Musk has heavily touted Dogecoin, many believe his recent comments are actually driving Dogecoin to surge again.

Dogecoin was launched in 2013 as a joke to mock the inherent importance of Bitcoin and digital currencies. Since then, it has grown to become the ninth-largest altcoin by market cap, valued at nearly $18.5 billion. Dogecoin is down 83% from its 2021 high, but it remains popular, largely because Musk continues to support the coin. However, at its peak, Musk even shared jokes about the coin, which also increased its popularity.

Dogecoin short-term upside target set at $2.7

Crypto expert and trader Master Kenobi made a bold prediction, pointing out the potential prospects of Dogecoin, which could take the dog-themed meme coin to unprecedented heights in the short term. Kenobi shared this bold prediction on the social media platform X, triggering a wave of optimism in the Dogecoin community. Grasp the market trend and catch the Meme coin boom🔥 Recently, Meme culture has once again set off a craze in the crypto market, attracting the attention of countless people. Other Meme coins such as Dogecoin and Shiba Inu have skyrocketed because of Musk's words! As the project most closely related to Musk,#BabyMarvinnaturally has the potential to explode. Join us now and become an early participant, you will have the opportunity to stand at the forefront of the Meme coin and witness the birth of the next crypto myth. Contract tail: f9c7#BTC要挑战7W大关了吗？ #以太坊生态meme币