Dogecoin (DOGE) Spikes 6.8% After Elon Musk Mentions the Meme Coin at a Town Hall Event

Dogecoin (DOGE) saw a significant spike late Thursday after Tesla CEO Elon Musk mentioned the meme coin during a town hall event in Folsom, Pennsylvania.

Dogecoin (DOGE) price saw a significant spike late Thursday after Tesla CEO Elon Musk mentioned the meme coin during a town hall event in Folsom, Pennsylvania. Musk’s playful shoutout came in response to a question about government efficiency, a moment that sent cheers through the crowd and DOGE’s price soaring.

The event, held at Ridley High School, featured Musk answering questions from attendees. When one asked if Musk would lead a new “Department of Government Efficiency,” the billionaire responded with a grin, saying, “Yeah, Doge.” The crowd erupted into applause, and DOGE's value soon followed suit.

In the hours following Musk’s comment, Dogecoin surged by over 6.8%, reaching $0.13. Its market capitalization also saw a boost, climbing to $19.3 billion, according to data from CoinGecko. This marked yet another instance of the meme coin reacting positively to Musk’s public statements.

The brief mention of Dogecoin was in line with Musk’s long-standing association with the cryptocurrency. Over the years, his tweets and public remarks have frequently caused price fluctuations in DOGE’s market. His quip at the town hall event arrived just weeks after a proposal by Donald Trump aimed at cutting government waste—a theme Musk has often supported.

Following Elon Musk’s recent comment, Dogecoin surged 6.8% within 24 hours. Its market capitalization jumped to $19.3 billion, marking a significant increase. Over the past week, DOGE has risen by 22.9%, showcasing strong upward momentum.

Elon Musk’s connection to Dogecoin is well-documented. In 2021, Musk’s tweets sent the meme coin to record highs, and Thursday’s surge was another example of this influence. Musk’s playful endorsement has made DOGE a frequent topic of market speculation, with traders eagerly awaiting his next move.

Despite trading at $0.13, Dogecoin remains down over 80% from its 2021 peak. Nevertheless, the meme coin’s volatility seems tied closely to Musk’s public mentions. Just days before the Pennsylvania town hall, Musk had tweeted “D.O.G.E. will fix it,” in reference to California blocking a SpaceX launch. That message also sent DOGE’s price climbing.

Dogecoin’s recent surge adds to a strong performance over the past week. The cryptocurrency has gained 22.9%, positioning it as the top performer among the largest digital assets. Its resilience in the market underscores Musk’s role in shaping its trajectory.

While originally created as a joke in 2013, DOGE has evolved into a top-ten cryptocurrency by market cap, largely due to its community and Musk’s consistent support.

Dogecoin’s rise remains closely linked to Musk’s influence, showing that even a lighthearted remark can still have a big impact on the market.

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