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Tesla CEO Elon Musk compared the memecoin sector to a casino during a episode of "The Joe Rogan Experience." He said: "It's like a casino or something. And then people just do the greater fool theory, and like musical chairs, and whoever is the last to sit down loses.”

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Intchains: Doge mining rig orders surged in 2024 In its 2024 fiscal year earnings report, Chinese altcoin mining machine manufacturer Intchains said that due to the influence of U.S. President Donald Trump and Tesla CEO Elon Musk, Doge ( $DOGE ) mining machine orders have surged to the point where supply cannot keep up. According to The Block, the company recorded sales of $38.6 million and net income of $8.3 million during the period, which is a 242% increase from the previous year. The company also sold 2.68 million ASIC chips, an 84% increase from the previous year.

Dogecoin’s Price Increase Amid Market Trends: Meme Token Sees 0.7% Rise Dogecoin has once again captured attention with a 0.7% price increase. While the rise may seem modest, it highlights the token’s resilience amid shifting market dynamics and continued endorsements from notable figures. As the broader crypto market experiences fluctuations, Dogecoin remains a unique asset driven by both speculative interest and community enthusiasm. Market Trends Supporting Dogecoin’s Price Movement Dogecoin’s recent price uptick aligns with broader market trends that have influenced digital assets in recent weeks. Some key factors contributing to its performance include: • Bitcoin and Altcoin Momentum: The overall crypto market has seen increased volatility, with Bitcoin and other major cryptocurrencies experiencing price swings. DOGE, like many altcoins, tends to follow Bitcoin’s lead, and its recent movement reflects this correlation. • Institutional Interest in Meme Coins: While meme coins were initially dismissed as speculative assets, some institutional investors have started to recognize their potential. The rise of meme token ETFs and growing interest from retail investors have provided indirect support for DOGE’s stability. • Increased Transaction Activity: On-chain data suggests that Dogecoin has seen a rise in transaction volumes, indicating continued engagement from traders and holders. Influence of High-Profile Endorsements A significant driver of Dogecoin’s price movements has historically been endorsements from influential figures, particularly billionaire Elon Musk. The Tesla and SpaceX CEO has repeatedly expressed support for Dogecoin, calling it “the people’s crypto” and even integrating $DOGE payments into Tesla’s merchandise store. Other celebrities and influencers have also contributed to Dogecoin’s popularity. Whenever a high-profile figure mentions DOGE on social media or in interviews, the token often experiences a price boost, as traders react to the increased visibility. Can Dogecoin Sustain Its Uptrend? While a 0.7% increase is relatively small, it raises the question of whether Dogecoin can sustain further gains. Some factors that could influence its future price movement include: • Market Sentiment: If Bitcoin and Ethereum continue their bullish trends, DOGE could see further upside momentum. • Utility and Adoption: Although Dogecoin is primarily known for its meme status, its adoption in payments and tipping services continues to grow. Increased real-world use cases could strengthen its value proposition. • Speculative Trading: Meme coins are often subject to rapid price swings driven by speculation. Traders should be aware that DOGE’s price could fluctuate based on hype cycles

Funny part, Trump win election and Trump's friend Elon musk Tesla down 30% and Biden's friend Mark Zuckerburg $meta up 12%