Jessy, Jinse Finance
On October 29, DOGE surged, breaking through $0.16, with a 24-hour increase of 17%.
Approaching the US election, the Trump trade worked again, and DOGE also successfully captured the political traffic, joining the Trump trade package.
DOGE's ability to ride on the heat of the US election is inseparable from the world's richest man Musk, who, in this US election, unflinchingly supported the Republican candidate Trump with his time, money, and capabilities.
Now Musk's brand and reputation are highly tied to Trump's brand and reputation. And the support for Trump is an important step for Musk to realize his political ambitions. The binding of interests with Trump will also benefit his business empire if Trump is elected. And DOGE's eye-catching performance is the advance realization of this benefit.
DOGE becomes D.O.G.E
DOGE's highest price was in the previous bull market in April 2021, breaking through $0.7
This is thanks to Musk's tweet "Doge Barking at the Moon" with an image.
Musk has become DOGE's most famous supporter, mentioning DOGE multiple times in his tweets and calling it "the people's crypto", and he has also become the father of Dogecoin. It is under Musk's multiple tweet mentions that DOGE was able to break out and its market value squeezed into the top ten of the cryptocurrency market value ranking.
In this cycle, Musk is still deliberately promoting DOGE multiple times, the latest being Musk's proposal to set up a Department of Government Efficiency (D.O.G.E).
The name and abbreviation of the department come from the suggestions of the DOGE community, which Musk adopted.
The Department of Government Efficiency stems from an initiative he co-launched with Trump, aimed at a comprehensive financial audit of the federal government and making recommendations to reduce waste, fraud, and unnecessary spending.
Trump himself has responded positively to Musk's proposal to set up the Department of Government Efficiency, announcing in a speech at the New York Economic Club on September 6 that if elected president, he would co-create the Department of Government Efficiency with Musk.
And DOGE has ridden on the D.O.G.E traffic, with Musk discussing the D.O.G.E plan again at the Pennsylvania town hall on October 17, and DOGE surging 30% at the time.
DOGE's potential lies in its high correlation with Musk, the richest man Musk is so good at creating events, just like this time, DOGE has ridden on the election. As long as Musk remains active, DOGE will always have hot spots to ride on.
Musk, the technological accelerationist, supports the protectionist Trump
This time, Trump was able to respond positively to Musk's initiative to set up D.O.G.E. because their interests are now highly tied.
Since Trump was assassinated in July 2024, Musk has become a regular at Trump's campaign events.
In the US election, it is actually the voters in a few swing states that will determine the final outcome of this US election. In these areas, the support rates of the two parties are currently evenly matched.
Pennsylvania, with 19 electoral votes, has become the most important swing state in this election. According to election analyst Nate Silver, the candidate who wins that state has over a 90% chance of winning the White House.
According to The New York Times, to help Trump win Pennsylvania, Musk has moved to Pennsylvania to oversee Trump's campaign there.
Musk has promised to randomly give away $1 million to one person who signs an online petition he initiated, supporting free speech and gun rights, every day before election day. However, the signatories must be registered US voters residing in Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, or Wisconsin.
In addition, Musk also provides a $100 reward for each Pennsylvania registered voter who signs the petition, and a $100 referral reward for each Pennsylvania registered voter they recommend to sign the petition.
According to data from the non-profit tracking organization Open Secrets, Musk's political action committee America PAC has spent over $119 million in this election cycle to support Trump. In addition, Musk's personal donations have made him one of the largest individual donors in the presidential campaign.
And after acquiring Twitter, Musk has turned it into a platform to support Trump in public opinion.
Fully supporting Trump is an important step for Musk to realize his political ambitions.
The combination of top tycoons and powerful politicians is not uncommon. This time, Musk and Trump have brought this combination to the forefront. Big capital has always had incomparable influence in the US, and they generally hedge their bets during elections to ensure that their business interests are protected regardless of who wins. Cases like Musk openly and deeply supporting a particular candidate are very rare in US history.
Musk's heavy bet on Trump is mainly because Musk's political ideology is highly aligned with Trump's.
Musk is a believer in technological accelerationism, which holds that at all costs, using all the resources that capitalist society can mobilize, we must march towards the "technological singularity", which could be big data, cryptocurrency technology, or it could be artificial intelligence, brain-computer interfaces, Mars migration technology, or biotechnology, but whatever it is, driving technological innovation at all costs is the only ethically justifiable behavior, and humanity must accelerate the pace of technological progress and construction to ensure survival and assert its presence in the universe.
And conservatives who believe that all kinds of new technologies should be more regulated are naturally labeled as "decelerationists" by the accelerationists.
In the eyes of Musk and other tech titans, the Democratic Party elites are precisely these "decelerationists". And Trump, a businessman who opposes environmentalism and supports protectionism, has become the object of support for Musk and his ilk.
After Trump takes office, Musk will also directly benefit, not only in realizing his political ideal - becoming the head of the Department of Government Efficiency, but his business empire will also directly benefit.
According to analysis, after Trump takes office, he may impose higher tariffs on Chinese electric vehicle manufacturers, which could be good news for Tesla.
And in the Republican platform shaped by Trump, there is also a promotion of the cooperation between the government and Musk's monopolistic commercial space company SpaceX.
More importantly, Musk and Trump are the same kind of people, they see each other, form an alliance, and maximize each other's interests. And the surge in DOGE is the early realization of these benefits. Perhaps there will be more similar moments after Trump is elected.
And Musk-related concept coins or stocks will also be highly tied to the "Trump trade" in the future.
