Musk’s Announcement Drives Dogecoin Price Up 15% After Trump Rally
Dogecoin's price surged, making it the best-performing cryptocurrency in the last 24 hours, following a campaign rally by presidential candidate Donald Trump.
The price spike occurred after news that Tesla CEO Elon Musk is being considered for a key government position.
Musk As Gov't Efficiency Head
Trump announced that Musk would lead a proposed Department of Governmental Efficiency (D.O.G.E.), an acronym similar to Dogecoin, which analysts believe contributed to the price rally.
— Elon Musk (@elonmusk) October 28, 2024
Musk has been actively endorsing Trump during his campaign for re-election. In a recent rally, he highlighted the potential savings D.O.G.E. could bring to the US government, estimating a reduction of $2 trillion from the annual budget.
At the @realDonaldTrump / @JDVance rally at Madison Square Garden! https://t.co/gEcj39mXIp
— Elon Musk (@elonmusk) October 27, 2024
Dogecoin Price Rally
The announcement of D.O.G.E. reignited interest in Dogecoin, resulting in nearly a 15% increase in its price, reaching $0.157 and positioning it as the top gainer among the top 100 cryptocurrencies by market cap.
According to CoinGecko, Dogecoin hit $0.16, its highest level since June. The recent price increase aligns with Musk's ongoing support for Trump's re-election efforts.
Following a recent incident involving Trump, Dogecoin prices rose above current levels related to D.O.G.E.
A Portion Of The Coins Are In Top Wallets
Analysts noted that Dogecoin's liquidity and centralized listings increased, pushing trading volume to $2.5 billion. Approximately 21% of Dogecoin is held by top wallets, indicating long-term investment strategies.
As of writing, DOGE was trading at $0.165, reflecting increases of 14% and 16.3% over daily and weekly periods.
Market observers indicated that the Dogecoin price rise did not affect “dog-themed tokens.” Some major wallets appear ready to sell their holdings.
Featured image from CCN, chart from TradingView