Musk’s political activities in support of Donald Trump had a positive impact on Dogecoin’s price, which rose by 11.68% in 24 hours and recorded a significant increase in trading volume. Mr. Musk’s support for Dogecoin has a history of influencing its price, often promoting the meme coin on X, leading to both legal challenges and active support.
Elon Musk, the world’s richest man, sparked a Dogecoin frenzy after he made comments about the Department of Government Efficiency (DOGE) during an interview at a town hall rally in Folsom, Pennsylvania. During public questions, someone asked about his position on the Department for Government Efficiency, which he may lead in the future.
In response, the billionaire created an abbreviation for the Department of Government Efficiency (DOGE), much like the name of his favorite meme coin, Dogecoin (DOGE). This response from DOGE’s father caused Dogecoin’s price to skyrocket on social media, increasing by 11.68% in 24 hours, giving it a market cap of $20 billion.
Trump receives significant support from Elon Musk
This comes amid speculation that President Trump’s inauguration could mean loosening of regulations on cryptocurrencies, which could result in an increase in prices across the market. The billionaire donated $75 million to America PAC, a pro-Republican political action group (PAC).
Securing borders, limited government spending, public safety, judicial reform, freedom of expression, and the right to self-defense are all top priorities for PAC. America PAC has already donated more than $96 million to the Trump campaign. A Trump victory could also open the door for the XRP ETF and Solana ETF.
As a result of his support for Trump, Musk is now the most prominent member of the Republican candidate’s financial support team for the November 2024 election. In addition to providing financial support, Musk is also active in advocacy.
As part of Trump’s campaign, the Tesla CEO is currently traveling throughout Pennsylvania giving a number of speeches.
Musk is expected to increase his involvement in Trump’s rally in Pennsylvania in the coming days. In May 2021, Dogecoin reached an all-time high of $88 billion in market capitalization thanks to Elon Musk once dubbing himself the “Dogefather” in that memorable “Saturday Night Live” sketch. did.
Dogecoin always sees big price fluctuations, and the coin’s rally in particular is great for short-term traders. In June, memecoin dropped 10% in one day due to concerns about rising interest rates. However, despite Dogecoin’s popularity and strong community support, it is still a meme coin with limited utility. Since DOGE’s comments, its price is currently trading at $0.14, steady, down 0.77% in the past hour.
Additionally, there is speculation that Dogecoin is one of the coins being considered for ETF approval. If approved, it would attract new investors and much-needed institutional investors.
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