Elon Musk Sparks Dogecoin Gain with Recent Take on D.O.G.E.
The post Elon Musk Sparks Dogecoin Gain with Recent Take on D.O.G.E. appeared on BitcoinEthereumNews.com.
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…
Filed under: News - @ October 19, 2024 2:08 pm