The price of Dogecoin rose after Elon Musk shared the D.O.G.E. plan at a Trump rally
Donald Trump's rally in New York City made headlines, and Elon Musk's appearance clearly catalyzed the latest surge in Dogecoin.
Dogecoin continues to rise - in the past 24 hours, it has become the best performing cryptocurrency among the top 100.
According to CoinGecko data, this original meme coin reached a price of nearly $0.16 on Monday afternoon, a new high in nearly five months, after last touching that price in early June.
Compared to this peak, DOGE has retreated slightly, currently priced at $0.157, up nearly 12% for the day, making it the largest gainer among the top 100 cryptocurrencies by market cap.
The gradual rise of this first meme coin comes as Tesla and SpaceX CEO, the world's richest man, Elon Musk, becomes more deeply involved in Donald Trump's presidential campaign.
Musk expressed support for former US President Trump in his bid for re-election, and Trump said that if he wins the election next week, Musk may take on a role in the government. Trump mentioned that Musk would be in charge of a department called the Department of Governmental Efficiency (D.O.G.E.), the abbreviation of which coincides with the trading code of Dogecoin.
Given Musk's long-standing relationship with Dogecoin (DOGE), this may not be a coincidence. At a massive and controversial Trump rally held in Madison Square Garden, New York City on Sunday, Musk talked about how D.O.G.E. could save the US a lot of money. He estimated that such a department could reduce the US budget by $2 trillion per year.
Since the event, the asset has continued to rise, with the gains even exceeding the recent weeks' rise after Musk mentioned D.O.G.E., clearly these mentions have helped drive the price of the coin.
Dogecoin is the 9th largest cryptocurrency by market cap. It runs on its own blockchain - similar to Bitcoin and Ethereum - and was originally created as a joke.
But during the 2020 and 2021 bull markets, it became more serious for investors, as Musk began promoting the coin on Twitter, later buying Twitter and renaming it to X.
DOGE is currently listed on many major cryptocurrency exchanges and retains a passionate fan base and investors, but still has a long way to go before returning to its all-time high of $0.73 set in 2021.
