Elon Musk Mentions Dogecoin (DOGE) During Trump Rally, Sending Its Price Soaring
- DDDOriginal
- 2024-10-19 10:26:27835browse
Speaking to promote Donald Trump's presidential candidacy, an audience member asked the tech billionaire about an idea he has floated to create a “Department of Government Efficiency.”
Tech billionaire Elon Musk mentioned the memecoin Dogecoin during a speech to promote Donald Trump’s presidential candidacy, leading to a surge in the coin's price.
At the event, an audience member asked Musk about Trump's plan to create a “Department of Government Efficiency.”
Musk responded by saying “D.O.G.E.,” which prompted the crowd to cheer and applaud. As the crowd cheered on Elon, the mere mention of the coin sent Dogecoin up.
The episode comes as Musk is deploying his fortune and influence to support Trump. He recently committed $75 million to help Trump and other Republicans get elected through his America PAC.
In September, Trump said he would appoint Musk to lead a new department tasked with overseeing and cutting government spending. Many crypto enthusiasts are betting on Trump to pursue a friendlier regulatory agenda for crypto, which they believe will lead to higher prices for Bitcoin and other assets.
Musk has been a long-time promoter of Dogecoin, which led to a class action lawsuit accusing him of a pump-and-dump scheme to intentionally inflate the coin. That lawsuit was dismissed in August.
The coin's market cap reached an all-time high of $88 billion in May 2021, after several endorsements from Musk, including an SNL sketch where he called himself “dogefather.”
In 2023, the coin surged 30% after Musk briefly changed the twitter logo to a picture of a Shiba Inu, the iconic dog breed associated with the Doge meme.
Dogecoin is the world's eighth largest cryptocurrency and its market capitalization rose to $20 billion on the Musk announcement.
In the past day, Dogecoin outpaced Bitcoin, which rose 3%, and the broader crypto market.
Dogecoin fell to lows of $0.05 in late 2023 before rebounding to $0.22 in March, as Bitcoin reached an all-time high of $73,000, linked to the approval of spot Bitcoin exchange-traded funds.
In June, the memecoin slid 10% as interest rates caused investors to dump Dogecoin in favor of safer assets. Since then, it has traded around $0.10.
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