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- Musk’s political activities to support Donald Trump have positively impacted Dogecoin’s price, which rose by 11.68% in 24 hours and recorded a significant increase in trading volume.
- Musk’s support for Dogecoin has a history of influencing its price, often has promoted the memecoin on X, leading to both legal challenges and positive support.
The world’s richest person Elon Musk has caused a Dogecoin frenzy after making comments about the Department of Government Efficiency (D.O.G.E) in an interview at a town hall meeting in Folsom, Pennsylvania. In the open line of questioning, someone inquired about his stance on the Department of Government Efficiency, which he may potentially lead in the future.
In response, the billionaire created an abbreviation for the Department of Government Efficiency(D.O.G.E) much like the name of his favorite meme coin, Dogecoin (DOGE). This answer from the DOGE father sent Dogecoin’s price skyrocketing on social media, rising by 11.68% in 24 hours bringing its market cap to $20 billion.
Trump Gets Elon Musk’s Significant Backing
This is amid speculation that a Trump presidency could mean friendlier regulations toward cryptos and, therefore, make the prices go up across the entire market. The billionaire gave $75 million to America PAC, a pro-Republican political action organization (PAC)
Secure borders, limited government spending, public safety, justice reform, free expression, and the right to self-defense are all top priorities for the PAC. The America PAC has already contributed over $96 million to Trump’s campaign. A Trump victory may also open the door for XRP ETF and Solana ETF.
Musk is now the most prominent member of the Republican candidate’s financial support team for the November 2024 election as a result of his support for Trump. Apart from providing monetary backing, Musk also engages in active advocacy.
As part of Trump’s campaign, the CEO of Tesla is now traveling throughout Pennsylvania to give a number of speeches.
Musk is expected to become more involved in Trump’s rallies in Pennsylvania in the days ahead. In May 2021, Dogecoin reached its all-time high, with a market cap of $88 billion, thanks to Elon Musk once christening himself the “dogefather” in that memorable “Saturday Night Live” sketch.
Dogecoin has always seen huge fluctuations in price notably, the coin’s rally is excellent for short-term traders. In June, due to concerns about the rate of rising interest, the meme-coin fell 10% in a single day. But despite Dogecoin’s popularity and strong community support, it’s still a meme coin with limited utility. Since D.O.G.E’s comment, its price has stabilized currently trading at $0.14, with a 0.77% decrease in the last hour.
Additionally, there has been speculation that Dogecoin is one of the coins being considered for ETF approval. If it’s approved, this would attract new investors and the much-desired institutional investment.
