Elon Musk posted a Dogecoin image with his Trump rally photo at 2:59 AM EDT on October 28. He spoke at Madison Square Garden. His post with the crypto meme led to a fast meme coin rally across markets. High trading volumes hit Ethereum networks as prices increased quickly after his late-night message appeared.
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Elon Musk’s Influence on Dogecoin and Ethereum Markets
Market Impact
Dogecoin increased 4.96% to $0.1449. Trading hit $1.35 billion in 24 hours, double the usual amount.
First Neiro On Ethereum (NEIRO) rose 6.76% to $0.001608, trading up 62%. These coins share a link – NEIRO gets its name from the new Shiba Inu pet of Kabosu’s owner. Kabosu was the first Dogecoin dog. Many traders jumped in after prices started moving. The sudden rise triggered action across significant trading platforms.
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Expert Analysis
“Elon Musk’s involvement in a political rally while endorsing Dogecoin exemplifies the powerful synergy between influential figures and cryptocurrency markets,” notes Dr. Emily Carter, Blockchain Analyst.
Financial Strategist Mark Thompson adds, “the recent surge in Dogecoin’s value following Musk’s post highlights the significant impact that individual influencers can have on cryptocurrency markets.”
Broader Market Response
The total value of meme coins grew 1.5% after Musk’s post. His social media posts often move DOGE prices in 2024. He caused three price jumps this month, each lasting less time than before. Shiba Inu and Pepe prices fell slightly, which shows traders focused on coins linked to Musk.
Trading bots spotted high volumes minutes after his post. Most buying pressure came from large trading accounts. Market data showed strong support at new price levels. The pattern matched previous Musk-driven rallies but with faster price movement.
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A cryptocurrency researcher, Sarah Lee observes that “Musk’s dual role as a tech leader and political advocate presents a unique dynamic in the cryptocurrency landscape,” highlighting how such endorsements could shape future regulatory considerations.