Dogecoin Price Surpasses $0.1 as Elon Musk Continues His Support

Dogecoin surged more than 10% today, surpassing the $0.1 mark after a renewed endorsement from Elon Musk. Investors are speculating whether the meme coin can rally further to $1

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Dogecoin (CRYPTO: DOGE) surged over 10% during Monday’s session, passing the $0.1 mark following another endorsement from Elon Musk. Investors are speculating whether the meme coin can rally further to $1, following Musk’s recent legal victory and ongoing support.

What Happened: Dogecoin price shot up over 10% on Monday morning, crossing the $0.1 barrier.

Investors are turning bullish on the top dog-themed meme coin after hearing about the tech tycoon’s sponsorship.

Musk’s recent federal case over allegedly manipulating Dogecoin price for personal gain was dismissed, leading to speculation of a possible $1 surge in the near future, Blockworks reported.

The Dogecoin lawsuit, filed in a federal court in Manhattan, claimed the crypto price was artificially inflated by 36,000% due to insider trading and publicity stunts.

However, U.S. District Judge Alvin Hellerstein dismissed the case because the investors failed to provide evidence in all five iterations of the action, Law360 reported. The revelation may be a factor in the recent price surge of DOGE, as the market responds to the removal of legal uncertainty around Musk.

Monday’s price action follows several recent endorsements of the meme coin by Elon Musk, adding to market speculation.

The Tesla CEO discussed the possibility of accepting Dogecoin as payment for Tesla products in a recent X post.

Musk’s comment sparked speculation that the company may start accepting DOGE as a payment option for its vehicles.

Additionally, an X user suggested using Dogecoin as a solution to the reported freezing of Starlink’s bank accounts in Brazil.

"Hmm… you make a good point," Musk replied to the post.

Investors are placing bets on Dogecoin’s potential, as Musk continues to show support for the cryptocurrency even after the dismissal of the lawsuit.

During his time in office, Donald Trump expressed a desire for Elon Musk to serve in the Senate or in an advisory capacity. In response, the tech tycoon mentioned his interest in creating a new agency he proposed to be called the "Department of Government Efficiency" (or "D.O.G.E.").

This further showed his increasing belief in the meme coin. In a recent X post, Musk announced that "DOGE" will be the official mascot of the department.

At the time of writing, Dogecoin price was seen trading at $0.1041, up over 10% for the day. The cryptocurrency hit a 24-hour high of $0.1046.

Dogecoin trading volume surged over 74% during the session to reach $639.67 million.

According to data from CoinGlass, interest in Dogecoin futures increased by 8% to reach $476.52 million, while interest in Dogecoin options surged by over 37%.

See More: Best Cryptocurrency Scanners

DOGE Price Analysis: A new Dogecoin price analysis report suggested the cryptocurrency could reach $1 if it manages to break through key resistance levels.

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