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Dogecoin price has witnessed a surprising surge to $0.20 following Elon Musk’s comments that Dogecoin utilizes an energy-based system, similar to Bitcoin. The brief remark from the Tesla CEO sparked fresh interest in the crypto community and led to a surge in buying activity.
After Musk commented, DOGE started showing a slight rebound and then stabilized around $0.19. CoinMarketCap data indicate that trading volume rose by 10%; however, the market remained volatile. According to traders, Musk's statements are yet another indication of his belief in the meme-based token, whose price actions also tend to follow his off-the-record comments.
Dogecoin Thumzup Media has announced that it plans to incorporate Dogecoin as a payment option in its mobile rewards system. The development should enable users to earn campaign rewards in DOGE instead of cash, which will further increase the use of digital assets by Thumzup.
Thumzup CEO Robert Steele explained Dogecoin as a low-cost and fast method for peer-to-peer transactions. The company already has a user reward model of promoting brand content and considers DOGE as an opportunity to streamline cross-border payments. The company treasury already has 7.5 million DOGE and 19 BTC as Thumzup continues to participate in cryptocurrency markets.
The share price of Thumzup fell by 5% following the announcement. Additionally, the company has demonstrated increased interest in blockchain applications, suggesting that it may further explore how cryptocurrency is utilized in advertising and rewards ecosystems.
Despite the recent signs of price recovery, Dogecoin remains down about 20% for the week and 28% for the month. Analysts believe the $0.16 level represents critical short-term support for maintaining bullish momentum.
Market analyst Ali Martinez stated that if DOGE holds above this threshold, it could aim for higher levels in the medium term. Another trader, known as Tardigrade, suggested that Dogecoin could even approach $0.90 if it sustains strength above $0.20.
Also Read: Is Dogecoin About to Explode 37x? The Rising ETF Demand Might Be the Key
