Elon Musk Shares DOGE Post Sparking Dogecoin Reserve Speculations

In an unprecedented turn of events, American billionaire Elon Musk has set off waves of market discussions with his recent DOGE post on X. On Thursday, the Tesla & SpaceX CEO lead posted on X, a dollar bill with a Dogecoin-dog logo, sparking speculations of a Dogecoin reserve in the pipeline. As a response, market watchers are anticipating remarkable gains in DOGE’s price ahead despite the recent market volatility.

Elon Musk’s DOGE Post Sparks Speculation Over Dogecoin National Reserve

In an X post on December 31, Elon Musk shared a pic of a dollar bill with the logo of the Shiba Inu dog breed behind Dogecoin instead of George Washington. Notably, the pic is about three years old, saved on Musk’s laptop, and is a sticker gifted by a German guy. This post has set off market-wide speculations of whether a Dogecoin reserve could be in the pipeline.

This move has sparked discussions in the broader crypto market, especially with Musk’s previous backing for the top meme coin. Besides, the recent shifting focus of investors towards the meme coin sector has further fueled speculations in the market.

Meanwhile, the Tesla & SpaceX CEO has previously backed the top dog-themed meme cryptocurrency, which has gained notable traction from the market participants. Simultaneously, a stockpile of other events has cemented Dogecoin’s stance as a top crypto asset, primarily in light of Elon Musk’s previous support and Donald Trump’s win in the U.S. elections.

What’s Next For DOGE?

Meanwhile, Elon Musk’s Department of Government Efficiency (D.O.G.E.) post under Trump’s presidency has substantially uplifted the market sentiment for Dogecoin. A recent CoinGape report even revealed that Musk’s D.O.G.E., led by V. Ramaswamy, aims to tackle the U.S.’s $36 trillion debt crisis.

Also, speculations of the meme coin hitting the $4 mark have prevailed as the Tesla & SpaceX lead said D.O.G.E has real potential. DOGE price traded at $0.3437 on January 2, up substantially by over 9% at press time. Its 24-hour low and high were$0.3133 and $0.3442, respectively. Further, the asset’s 24-hour trading volume soared over 50% to reach $2.86 billion, underlining trader positivity surrounding the crypto.

Meanwhile, a recent Dogecoin price analysis by CoinGape revealed that the token also eyes a potential $20 target this bull cycle, further solidifying bullishness in light of the abovementioned developments. Considering all these aspects, it is likely that the DOGE price is gearing up for a robust rally amid soaring anticipation over a broader crypto market rally.