Although Dogecoin ($DOGE ) has seen a slowdown in its upward momentum, its current price is $0.1459, and it has still achieved a 2.03% increase in the past 24 hours, with a cumulative increase of 29.23% over the past seven days. This wave of increase is closely related to Elon Musk's comments, as he has expressed his fondness for Dogecoin's sense of humor and often jokes about Dogecoin on Twitter, reflecting his personal preferences.

Musk has recently strengthened his political ties with former President Trump, having donated $75 million to Trump's campaign, which has fueled speculation that if Trump is elected again, he may implement cryptocurrency-friendly policies. Additionally, Musk has supported pro-cryptocurrency lawyer John Deaton in his Senate campaign, further demonstrating his support for cryptocurrency.

In August this year, when asked if he would lead an imaginary government department, Musk humorously replied “D.O.G.E.”, which drew market attention to Dogecoin. Musk has repeatedly mentioned that Dogecoin would trigger price fluctuations, which has become a recurring phenomenon.

Since Dogecoin's market value peaked at $88 billion in 2021, the coin has experienced multiple fluctuations. In March 2024, as Bitcoin surged due to ETF approvals, Dogecoin also rebounded to $0.22. Despite a 10% drop in June due to concerns over rising interest rates, recent bullish trends show that investor interest in Dogecoin is on the rise.