Dogecoin Rallies 8.34% as Musk Backs Trump, Sparks Investor Optimism
As billionaire backer Elon Musk continues to support former President Donald Trump, Dogecoin’s price is soaring as the U.S. presidential election takes center stage this week. According to CoinMarketCap, Dogecoin increased an industry-leading 8.34% on Monday to $0.1697, ranking among the top 100 cryptocurrencies by market capitalization.
Even though the Tesla CEO and X owner formally supported Trump’s presidential campaign in July, he has been acting more and more as a campaign surrogate. Musk has addressed several Trump campaign events, urging Americans to support the Republican candidate on election day. In the midst of a barrage of encouraging tweets, Musk has also highlighted a Dogecoin-inspired agency.
Dogecoin Price Surges as Musk’s $2 Trillion D.O.G.E. Proposal Gains Attention
For the agency known as the Department of Government Efficiency (D.O.G.E.), Musk claimed last week that under his leadership, it could reduce government spending by at least $2 trillion a year. Musk, one of the world’s richest men, said he found the growing media interest in the prospective agency amusing, reflecting its acronym, Dogecoin.
Noah Roy, an investment analyst at Ryze Labs, claims that while Musk’s D.O.G.E. comments have increased awareness of the $22 billion meme coin, the asset’s price increase has also been accompanied by a renewed desire for riskier investments. Roy said in a statement that the asset’s surge was being driven by the Federal Reserve‘s easing campaign and post-election positioning.
As Bitcoin continues to trend up, this ‘risk-on’ environment is spilling over into altcoins like Dogecoin,
Roy
Dogecoin Reaches April Highs as Musk’s Political Moves Fuel Meme Coin Rally
As the 2024 race approaches its most crucial phase, Dogecoin’s price has been particularly erratic, similar to that of most meme coins. Musk’s government spending speech last week caused the asset’s price to soar to $0.178, its highest level since April. A former professional football player with connections to Pennsylvania, a crucial battleground state, endorsed Musk’s proposed agency on Friday. Antonio Brown, a former player for the Pittsburgh Steelers, stated on X that he is joining the team. Brown’s tweet received over 40 million views on Musk’s platform.
Musk’s involvement in the 2024 election has helped Dogecoin, but his remarks haven’t always helped the cryptocurrency. After driving Dogecoin to unprecedented heights in 2021, Musk’s hosting of Saturday Night Live brought the asset’s price crashing to a halt. The asset’s price plummeted from its peak of $0.73 after Musk famously admitted on the late-night comedy show that Dogecoin is a hustle.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment