The CEO of Tesla Inc., Elon Musk, is a strong proponent of Dogecoin, the leading meme coin. The influence of Musk has created a substantial impact on both DOGE and its community.
In the crypto space, the majority of the trending and significant assets strive with the support of some strong proponents. If a proponent is highly reputable globally or a considerable influencer, he could trigger the trend of the asset.
Many people follow Musk’s social media posts and rely on his judgment for several crypto assets. Hence, Musk has always moved the prices of DOGE over some period.
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