Dogecoin Climbs 30% as Trump-Led Crypto Boom Fuels Memecoin Rally
With the Donald Trump-led cryptocurrency boom showing no signs of abating, Dogecoin saw one of the biggest price increases in the last day (24 hours). The Block’s Dogecoin pricing page shows that the dog-themed memecoin gained 30.55% to $0.38, bringing its market capitalization to $55.8 billion.
The market value of Dogecoin was almost $16 billion a month ago. As of right now, its price is at its greatest level since 2021, and it is currently the sixth-largest cryptocurrency. Unofficial connections between Dogecoin and Elon Musk, the CEO of SpaceX and Tesla, seem to be responsible for the cryptocurrency’s especially notable increase. The owner of the social media network X and the richest person in the world has long supported Dogecoin.
Musk’s Department of Government Efficiency Proposal Under Trump Ignites Dogecoin Surge
Musk has attended Trump’s campaign rallies and spent tens of millions of dollars to support his reelection in November. In support of Trump, the CEO of Tesla even pledged to donate $1 million every day until the election, which prompted demands for an investigation.
A recent mention of a potential ‘Department of Government Efficiency (DOGE)’ under a Trump administration, has further fueled Dogecoin’s rise. Dogecoin’s position as the leading memecoin, along with its broad recognition among retail investors, makes it especially compelling in today’s meme-driven market,
Min Jung, crypto analyst at Presto Research
Musk had previously talked about establishing such a government agency in order to reduce unnecessary expenditures and onerous rules.
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