- Dogecoin surged 14.39% amid speculation linking it to Elon Musk and Trump’s campaign.
- Trump’s proposed D.O.G.E. department and Musk’s endorsement fuel excitement in the crypto market.
As a seasoned analyst with over two decades of experience in financial markets, I have witnessed countless instances where politics and popular culture intersect to drive market dynamics. The recent surge in Dogecoin [DOGE] is yet another example that underscores this phenomenon.
In simpler terms, the fun and well-known digital currency known as Dogecoin (DOGE) has seen a significant rise recently, along with the overall market growth. Over the last day alone, its value increased by approximately 14.39%.
The latest increase surpasses the previous week’s growth of 12.37% and emphasizes a more robust upward trend of 27.36% over the past month, according to CoinMarketCap.
Consequently, DOGE has taken the lead as the top-performing cryptocurrency within the group of the 100 highest-ranked coins during the last 24 hours.
As a crypto investor, I experienced a thrilling surge in the value of my Dogecoin holdings on the afternoon of October 28th, reaching an impressive high of nearly $0.16. This marked the highest value for Dogecoin since early June, indicating a renewed wave of excitement among investors, as reported by CoinGecko.
Is Elon Musk behind Dogecoin making news?
Upon further inspection, it appears that the recent spike in DOGE’s price could potentially be traced back to Elon Musk, CEO of Tesla and SpaceX.
Despite distancing himself from promoting cryptocurrencies after a federal lawsuit, Elon Musk has resurfaced, lending his support to Donald Trump’s possible re-election bid.
It’s intriguing that Trump has suggested Elon Musk could play a part in his administration if he is elected, potentially leading a new department called the Department of Governmental Efficiency (D.O.G.E.). Remarkably, this proposed department shares the same abbreviation as Dogecoin, a well-known cryptocurrency.
Unexpected connections have sparked renewed enthusiasm and conjecture about Dogecoin, propelling its price surge.
During a much-anticipated event at Madison Square Garden on October 27th (which was also a Trump rally), Musk sparked debate by endorsing the proposed concept known as D.O.G.E., stating that it could potentially reduce the United States’ yearly budget outlay by an incredible $2 trillion.
How did the crypto community react?
The crowd’s excitement was palpable as Musk outlined how the D.O.G.E. initiative could usher in substantial cost savings.
Later, Musk contributed to the excitement by posting a meme depicting him alongside the Dogecoin logo on social platforms, which helped boost the currency’s fame even more.
In a Telegram message, Paul Howard, a senior director at cryptocurrency trading company Wincent, commented as follows: “On the same topic…
“It’s a play on Trump’s popularity.”
He added,
Currently, Dogecoin (DOGE) finds itself significantly associated with the upcoming U.S. Presidential election due to Elon Musk’s widespread support for it.
For those who may not be aware, previously, Musk showed his support by wearing a distinct ‘Make America Great Again’ hat and referring to himself as ‘Dark MAGA.’
Previously, this development caused a significant 20% rise in the value of MAGA and a staggering 227% jump in Dark MAGA (DMAGA), peaking at around $0.0073.
As the election draws near, the connection between politics and cryptocurrency is becoming increasingly apparent, with Donald Trump gaining prominence as a potential “cryptocurrency-friendly” President.
Indeed, Michael Saylor, the founder of MicroStrategy, added to the conjecture by pondering if Donald Trump or Kamala Harris could potentially have a more advantageous impact on Bitcoin‘s destiny.
Given that the election is only a few days away and betting markets like Polymarket are leaning towards Trump, there’s growing interest in understanding how this might affect the cryptocurrency environment and subsequent market responses.
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2024-10-29 15:04