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Musk’s “D.O.G.E.” Reference at Trump Rally Sends Dogecoin to New Highs

Writer's picture: Blockonome GnomeBlockonome Gnome

A lighthearted comment by Elon Musk about a government efficiency department spurred a surge in Dogecoin’s value, fueling excitement in the crypto community.


Musk’s “D.O.G.E.” Reference at Trump Rally Sends Dogecoin to New Highs

Dogecoin, the meme-inspired cryptocurrency, saw a sharp 7% price jump after a mention by Elon Musk at a Donald Trump campaign event in Pennsylvania. Musk’s brief comment on the creation of a "Department of Government Efficiency" (D.O.G.E.) sparked immediate enthusiasm among Dogecoin fans and traders, pushing the digital currency to its highest value in three months.


During the event, Musk discussed plans for this proposed department, designed to streamline government operations and reduce unnecessary spending. When an attendee asked whether he would lead such an initiative, Musk replied with a grin, “Yeah, Doge,” playing on the department's abbreviation and, seemingly, referencing the cryptocurrency.


The comment quickly reverberated throughout the cryptocurrency world. Dogecoin surged to over 13 cents, marking its highest price since late July, and the coin’s market capitalization jumped to $19.3 billion, according to CoinGecko. This increase represents a 6.8% rise in just 24 hours, showcasing the profound influence Musk still holds over Dogecoin’s market value.


Musk’s involvement in Trump’s campaign is notable, with the billionaire donating more than $75 million to support the America PAC, a group backing Trump and other Republican candidates. He has made multiple campaign appearances and is scheduled to speak at several more in Pennsylvania this month.


The Department of Government Efficiency, as proposed by Trump, aims to eliminate wasteful government spending through a comprehensive financial audit of federal operations. Musk’s support for this initiative has further intertwined his public persona with Trump’s political strategies. At the town hall, the mere mention of “D.O.G.E.” as part of this plan resonated with the Dogecoin community, who quickly saw it as another wink to the cryptocurrency Musk has long championed.


Musk’s influence over Dogecoin’s market has been well-documented. Earlier in the week, a tweet from Musk—"D.O.G.E. will fix it"—in response to a regulatory issue in California sparked a similar wave of speculation. While the message seemingly referred to the proposed government department, many in the crypto community interpreted it as a direct connection to the meme coin.


Originally created as a joke in 2013, Dogecoin has evolved into one of the largest cryptocurrencies by market capitalization, largely due to Musk’s vocal support. Although its price is down significantly from its all-time high in 2021, Musk’s continued references have kept Dogecoin in the spotlight.


The recent rally has also heightened market activity. Data shows that open interest in Dogecoin futures jumped, signaling a rise in the number of unsettled futures bets. This increase suggests that the market could remain volatile in the coming days, with the possibility of further price fluctuations tied to Musk’s comments or other public mentions of “D.O.G.E.”


While it’s unclear whether the Department of Government Efficiency will ever become a reality, Musk’s playful reference has undoubtedly reignited interest in Dogecoin. Some traders speculate that should Trump win the upcoming election, this concept may gain traction, potentially keeping Dogecoin in the spotlight for the foreseeable future.


photo source / Blockonome

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Blockonome's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

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