Elon Musk’s D.O.G.E. Reference at Trump Rally Propels Dogecoin to Three-Month High
The post Elon Musk’s D.O.G.E. Reference at Trump Rally Propels Dogecoin to Three-Month High appeared on BitcoinEthereumNews.com.
TLDR: Dogecoin (DOGE) price jumped 7% after Elon Musk mentioned “D.O.G.E.” at a Trump campaign event Musk discussed plans for a “Department of Government Efficiency” (D.O.G.E) DOGE rose to over 13 cents, its highest since late July Musk has donated over $75 million to support Trump’s campaign The Dogecoin community interpreted Musk’s comments as an endorsement of the cryptocurrency Dogecoin, the popular meme-inspired cryptocurrency, experienced a significant price increase following Elon Musk’s appearance at a Donald Trump campaign event in Pennsylvania. The digital currency saw a 7% jump in value, pushing its price above 13 cents for the first time since late July. The surge came after Musk discussed plans for a proposed “Department of Government Efficiency,” which would be abbreviated as D.O.G.E. This department, if implemented, would aim to streamline government spending and improve the efficiency of taxpayer money usage. At the Ridley High School town hall in Folsom, Pennsylvania, an attendee asked Musk if he would lead this new department. Musk responded with a grin, simply saying, “Yeah, Doge.” This brief mention was enough to spark excitement among Dogecoin enthusiasts and traders. The cryptocurrency market reacted quickly to Musk’s comments. Dogecoin’s value climbed to $0.13, representing a 6.8% increase in just 24 hours. The total market capitalization of Dogecoin rose to $19.3 billion, according to data from CoinGecko. Dogecoin Price at Coingecko Musk’s involvement in Trump’s campaign has been significant. He has donated over $75 million to the America PAC, a Super PAC supporting Trump and other Republican candidates, since July. The tech entrepreneur is scheduled for several campaign appearances in Pennsylvania this month. The proposed Department of Government Efficiency aligns with Trump’s recent pitch for an initiative to cut government waste. In September, Trump suggested creating an efficiency commission led by Musk to conduct a comprehensive financial…
Filed under: News - @ October 18, 2024 11:21 am