**Dogecoin Price Rises 3% Amid Market Recovery; Elon Musk Sparks Renewed Interest**
Dogecoin (DOGE) price increased by approximately 3% on Wednesday, trading near $0.20 following a recent recovery in the broader cryptocurrency market. The overall crypto market capitalization climbed nearly 2%, reaching $3.81 trillion.
During the 24-hour period, Dogecoin’s price touched a high of $0.208, rising from a low of $0.1956. However, trading volume for DOGE fell by 37%, reaching $3.19 billion.
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**Elon Musk’s Comments Boost Trader Sentiment**
The price uptick followed comments from Tesla CEO Elon Musk on social media platform X. Musk responded to a post describing Bitcoin’s energy-based model as resistant to government manipulation. When the Dogecoin community account “Sir Doge of the Coin” noted that Dogecoin also operates on an energy-based system, Musk agreed, sparking renewed trader interest.
Musk has been a long-time supporter of Dogecoin since 2019, often referring to himself as the “DOGE FATHER” and calling Dogecoin “the people’s crypto.” His past endorsements, including a notable appearance on *Saturday Night Live* in 2021, have significantly influenced DOGE price movements.
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**Thumzup Media Plans to Integrate Dogecoin Payments**
Digital advertising technology company Thumzup Media announced it will explore adding Dogecoin as a payment option within its rewards app. The company aims to use DOGE to pay users who share promotional content from advertisers, potentially reducing transaction costs and enabling faster cross-border payments.
Thumzup CEO Robert Steele stated, “Exploring Dogecoin integration is an important next step in our journey to create a scalable, low-friction rewards engine.” The rollout will be phased, pending technical testing and regulatory approvals.
As of September 30, Thumzup holds approximately 7.5 million DOGE in its treasury. The company also maintains a crypto portfolio including around 19 Bitcoin (BTC), and recently issued a $2.5 million loan to DogeHash to expand Dogecoin mining operations.
Since launching its crypto treasury in January with a $1 million Bitcoin investment, Thumzup’s board has authorized expansion into other cryptocurrencies such as Litecoin, Solana, Ripple, Ether, and USD Coin.
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**Price Analysis and Market Outlook**
Despite the recent daily gains, Dogecoin remains down more than 20% over the past week and approximately 24% over the last 30 days, mirroring a broader market selloff.
Data from CoinGlass indicates that Dogecoin futures open interest increased by 1.5% to around $2 billion. The Relative Strength Index (RSI) stood at 43, suggesting that DOGE is nearing oversold territory.
Analyst Ali Martinez emphasized the importance of maintaining support at $0.16, stating that if this level holds, Dogecoin could potentially reach $0.48. Meanwhile, trader Tardigrade offered a more optimistic view, projecting a possible rally up to $0.90, contingent on maintaining the $0.20 support level.
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**Market Reaction**
Following the announcement of integrating Dogecoin payments, Thumzup Media’s stock price declined by 5.3%, closing at $5 per share. At the time of the press release, Dogecoin was trading around $0.20.
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*Stay tuned for further updates on Dogecoin and other cryptocurrency developments.*
https://coincentral.com/dogecoin-doge-price-climbs-following-elon-musk-comment-and-thumzup-integration-news/
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