Elon Musk's Memecoin Dogecoin Surges After Trump Victory, as the President-Elect Praises Musk as a 'Super Genius'
- DDDOriginal
- 2024-11-08 12:12:22398browse
At his victory celebration in West Palm Beach, Trump spent four minutes of his 26-minute speech praising Musk, calling him a “special guy” and a “new star.”
Former President Donald Trump praised Elon Musk at his victory celebration in West Palm Beach, calling him a “special guy” and a “new star.”
“He’s a super genius. We have to protect our geniuses. We don’t have that many of them,” Trump said.
The Shiba Inu-themed memecoin, which is often closely tied to Musk, surged in the early morning hours on Wednesday, trading hands at $0.20, the highest since April. It settled around $0.19 on Thursday—a huge leap from a year ago when Dogecoin was scuffling as low as $0.07.
Musk, who was a vocal supporter of the Republican candidate, will be one of Trump’s strongest allies. He donated over $118 million to his campaign and appeared at many of his rallies sporting a “dark MAGA” hat.
Dogecoin enthusiasts view Trump’s victory as a major win for the memecoin as it means there is likely to be more news about Musk and his proposed Department of Government Efficiency, whose acronym is an obvious nod to the coin.
During the campaign, Trump said he would put Musk in charge of the proposed new DOGE department, which would oversee government spending and eliminate “fraud and improper payments.”
When asked about the department at a town hall campaign event in Pennsylvania, Musk responded, “Yeah, D.O.G.E,” causing it to surge 15%.
Dogecoin is up 157% in the last year after Musk threw his fortune and influence behind Trump following his attempted assassination in July. In the days following Musk’s endorsement of Trump on X, Dogecoin surged 24%.
Musk has a long history of influencing the price of Dogecoin. In May 2021, following multiple endorsements from the billionaire including an SNL skit where he called himself “dogefather,” the coin’s market cap reached an all-time high of $88 billion.
His promotion of the coin led to a class action lawsuit in which he was accused of a pump-and-dump scheme to inflate the memecoin’s price. However, the lawsuit was thrown out in August.
Dogecoin is currently the eighth-largest cryptocurrency with a market cap of over $28 billion.
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