Home Cryptocurrency DogeCoin Price Jumps following Musk X Post, Massive Wallet Transfer, ETF Hope

DogeCoin Price Jumps following Musk X Post, Massive Wallet Transfer, ETF Hope

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Elon Musk will lead the Trump Administration’s new Department of Government Efficiency, which shares the ‘DOGE’ moniker with Dogecoin


Dog-themed meme token Dogecoin (DOGE-USD) gained 7% on a 24-hour basis Friday morning, reaching approximately $0.41, its highest level since November 2024.

Among the probable catalysts were an X post from Tesla (NASDAQ:TSLA) CEO Elon Musk, an unusually large Dogecoin wallet transfer, and growing buzz about the likelihood of a spot Dogecoin exchange-traded fund (ETF).

Musk’s tweet appeared to refer to the Trump Administration’s new Department of Government Efficiency, or DOGE, which he has been selected to lead. The new department’s touted purpose is to reduce redundancy and waste in the federal government.

With the new department and Dogecoin sharing the ‘DOGE’ moniker, the famed meme coin’s price has been enjoying healthy growth spurts, and Musk’s X post on Friday appears to have triggered another one.

Musk’s message is about making the government leaner and more efficient, and it doesn’t relate to cryptocurrency. Nevertheless, the mention of DOGE may have prompted Friday’s price spike.

Meme coins, including Dogecoin, have also enjoyed general upward motion since Trump’s November 2024 election win, predominantly due to Elon Musk’s close affiliation with the president-elect’s campaign.

The same can be said for the wider cryptocurrency market, which, due to Trump’s staunch support for digital assets during his campaign, is also enjoying a huge upswing.

Dogs, whales, and ETF tales

Beyond Musk’s Tweet, blockchain transaction watcher Whale Alert also reported on a massive wallet-to-wallet DOGE transfer on Friday, which may have contributed to the price spike.

A cryptocurrency “whale” could be defined as a large-scale trader or investor with the ability to influence asset prices. In this instance, an alleged 200 million Dogecoin wallet-to-wallet transfer could certainly be considered whale activity.

Meanwhile, there’s hope among DOGE enthusiasts that a spot Dogecoin ETF will be approved and launched in the near future.

It’s not impossible that this will happen in 2025 since spot Bitcoin (BTC-USD) and Ethereum (ETH-USD) ETFs have already been in circulation for some time. For now, though, some DOGE fans will just have to wait impatiently.

The imminent changing of the guard in the federal government could help one or more spot Dogecoin ETFs get the green light from the U.S. Securities and Exchange Commission (SEC) this year. This remains to be seen, however.

What’s confirmed today is that meme coin prices are subject to big moves, and that logic isn’t always necessary.

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David Moadel
Financial Writer

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