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Investors were excited as Dogecoin experienced a immense price surge, making it the best-performing cryptocurrency in the past 24 hours following a massive campaign rally for presidential candidate Donald Trump.
Dogecoin’s price skyrocketed following the revelation that Tesla’s CEO is considered to head the proposed division.
Musk as government efficiency chief
Former US President Trump, who is eyeing a return to the White House, announced that Tesla CEO Elon Musk will take a key position in his administration when he wins the upcoming term US elections.
Trump said Musk would head a proposed department called the Department of Government Efficiency, or DOGE, an acronym resembling Dogecoin. The similarity noticed by analysts caused prices to boost.
— Elon Musk (@elonmusk) October 28, 2024
Tesla’s CEO is making the rounds across the country to support Trump in his bid for a second chance at the White House.
During Trump’s rally in Recent York over the weekend, Musk emphasized the benefits of creating DOGE. He explained that this would generate huge savings for the U.S. government, saying the fresh department could cut the annual U.S. budget by $2 trillion.
on @realDonaldTrump / @JDVance so at Madison Square Garden!
https://t.co/gEcj39mXIp— Elon Musk (@elonmusk) October 27, 2024
Dogecoin price rally
The mention of a planned DOGE during the Trump campaign has reignited interest in the oldest meme.
The charts showed Dogecoin’s price rising by almost 15% to reach $0.157 as the cryptocurrency gained the most among the top 100 digital currencies by market capitalization.
According to CoinGecko, on Monday the price of Dogecoin reached $0.16, the highest on record since June.
The subtle rise in Dogecoin’s price over the past few weeks coincides with Musk’s continued involvement in Trump’s bid for re-election as US president.
Following the recent anti-Trump shooting incident, Dogecoin prices have surged to levels even higher than what DOGE is currently experiencing
DOGE price up in the last 24 hours. Source: Coingecko
Some of the coins are in the best wallets
Analysts say Dogecoin could provide more liquidity and multiple centralized listings, saying the recent breakout has pushed the coin’s volume to $2.5 billion.
They said the best wallets contain about 21% of all Dogecoin owned by people looking for long-term profits.
At the time of writing, DOGE is trading at $0.165, up 14% and 16.3% on the daily and weekly time frames.
Meanwhile, market watchers have noted that Dogecoin’s price boost has no impact on “dog-themed tokens.”
They also noticed that several wallets with significant amounts of Dogecoin are eager to dispose of their digital holdings at any time.
Featured image from CCN, chart from TradingView
