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- Musk’s political involvement, including support for Donald Trump and pro-crypto candidates, has driven renewed interest in Dogecoin.
- There is speculation that Dogecoin may be considered for ETF approval.
Dogecoin has once again seen a surge in value following comments from billionaire entrepreneur Elon Musk. The meme-based cryptocurrency briefly spiked above $0.15 before settling at $0.1459.
Elon Musk’s comments have been instrumental in shaping the price of Dogecoin in particular. He has recently spoken about his preference for Dogecoin because of its humor. Musk said that dogs and memes, which are the symbols of Dogecoin, reflect his personality, and this led to increased attention to the topic of cryptocurrencies.
Elon Musk on Dogecoin:
"I make dogecoin jokes and stuff because I kind of like dogecoin because it got the best sense of humor and it has dogs and memes and I love all those things." pic.twitter.com/gHmnvnQTG6
— DogeDesigner (@cb_doge) October 20, 2024
This sentiment has been seen in the past as the price of Dogecoin has typically risen following Musk’s public mentions. In 2021, Dogecoin hit a market cap of $88 billion after Musk called himself the ‘Dogefather’ while appearing on Saturday Night Live.
Although the coin’s value later declined, Musk’s continued endorsement has kept it relevant in the cryptocurrency market. The current surge in the price of Dogecoin has been observed as Musk increases his political influence, and people hope that political figures, like Donald Trump, may introduce crypto-friendly policies.
Political Connections and Crypto Reforms
There has also been a correlation between Musk’s increased political activism and the performance of Dogecoin in the market. He has recently contributed $75 Million to Donald Trump’s campaign and other Republican candidates via his America PAC. Such financial backing combined with Musk’s pro-crypto stance has raised questions of political change that would be favorable towards Dogecoin.
In August, when asked whether he would like to head a government department for public sector efficiency, Musk replied jokingly with the acronym D.O.G.E. This came after Trump had proposed Musk for the position of head of a possible “Department of Government Efficiency.” The witty response only made investors more interested in Dogecoin and, therefore, caused its value to rise slightly.
Also, Musk’s support for John Deaton, the pro-crypto lawyer contesting against Elizabeth Warren in Massachusetts, has bolstered his efforts to help promote crypto politics. These political and crypto interests have kept Dogecoin in the limelight despite its volatility.
However, Musk’s interaction with cryptocurrency has not been without some controversy. In 2022, Musk and his companies received a $258bn lawsuit for the manipulation of Dogecoin prices for private benefit. The case which involved allegations of promoting a ‘Dogecoin Pyramid Scheme’ was dismissed in August 2024 but it exposed the legal pitfalls of Musk’s influence on the crypto market.
It is worth noting that as of this writing, Dogecoin registered a 2.03% rise in the last 24 hours and a substantial 29.23% increase over the past week.
This surge may be attributed to the rumour that Dogecoin is one of the coins being considered for ETF approval. If it’s approved, this would bring in new investors and the long-awaited institutional investment.
