Elon Musk's Trump Endorsement Sends Dogecoin (DOGE) Surging by 10%

NAIROBI (CoinChapter.com) — On Oct. 18, Dogecoin (DOGE) surged after Elon Musk, Tesla CEO and owner of X, endorsed Donald Trump at a town hall event in Pennsylvania.

Dogecoin (DOGE) price surged on Oct. 18 after Tesla CEO and X owner Elon Musk endorsed Donald Trump at a town hall event in Pennsylvania. Musk also proposed a new government agency called the “Department of Government Efficiency” (D.O.G.E.), referencing the popular meme cryptocurrency.

The crowd cheered as Musk mentioned Trump and the crowd chanted “Let's go, Brandon,” a euphemism used to disparage President Joe Biden. Musk responded by saying that the chant was “interesting.”

Musk also discussed his political action committee (PAC), America PAC, and the over $70 million he poured into the organization to support Trump and other Republican candidates.

“I'm not a huge fan of politics, but I do care about the country. And I'm concerned about the direction that the country's going in,” Musk said at the event.

Musk added that Pennsylvania was “critical” in the upcoming presidential election between Trump and Kamala Harris. He also discussed his vision for government reforms, focusing on border security, public safety, and curbing inflation.

Dogecoin (DOGE) price rose 10.36% to $0.1352 after Musk mentioned the meme coin at the event. The dog-themed meme token has become one of the top-performing major crypto assets this week, rallying 25% over the past seven days.

DOGE-denoted open interest — or the number of unsettled futures bets — spiked to over 5 billion tokens in a sign of forthcoming volatility. Coinglass data shows that open interest (OI) in Dogecoin futures surged from $593.66 million on Oct. 16 to $925.53 million on Oct. 18, reflecting a bullish trend.

Moreover, Dogecoin’s long-to-short ratio stands at 1.01, the highest in a month. This shows more traders expect the price to rise. Trading volume also spiked from $573.27 million on Oct. 13 to $3.37 billion on Oct. 18, highlighting increasing market interest.

Crypto analysis firm IntoTheBlock noted that Dogecoin’s futures open interest surged to a record high last week as the meme coin price rallied. According to the firm, this metric indicates “an upcoming wave of volatility.”

Potts highlighted that Dogecoin’s current price pattern mirrors its 2021 breakout, when it surged over 16,000%. He noted a three-year cycle in Dogecoin’s history, where the price increased 1.5 times in 2016 and 2.5 times in 2020.

“If we follow this pattern, Dogecoin should increase 3.1 times from the starting price of 0.09051 by the end of 2024.”

Potts added that if Dogecoin starts the year at $0.09, it could reach $0.31 by the end of 2024. However, for 2025, Potts predicts larger gains, considering Dogecoin’s 9,000% rise in 2017 and 18,000% in 2021.

“If we follow this pattern, it could reach $10 if market conditions cooperate.”

Bluntz supported this view, suggesting that Dogecoin could rally by 30x within weeks if market conditions align.

“Dogecoin is up 30x from the June lows and could rally another 30x if the market continues.”

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