Musk, a supporter of Trump, follows in Trump's footsteps
DOGE surges 20% on election results news
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Doge rose about 20% on the 6th, trading at around 283 won on Upbit as of 2 pm.
The reason for the rise in Doge is due to the open support of former President Trump by 'Doge Father' Elon Musk, CEO of Tesla.
Musk's actions were essentially an 'all-in' for Trump. Musk directly established and operated a political fundraising organization, the super PAC 'America PAC', to support the election of former Republican presidential candidate Donald Trump, and is known to have spent at least $132 million (about 184 billion won) including support for Republican congressional candidates.
It was revealed that some of former President Trump's aides had suggested to major media outlets to declare a 'decisive victory' as Trump was winning in key swing states.
The Guardian, a British daily newspaper, reported that "some of Donald Trump's aides, who ran as the Republican candidate, suggested an early declaration of victory" and that "if Trump is ahead by hundreds of thousands of votes in Pennsylvania's vote count on the night of the 5th, or if internal campaign pollsters believe victory is possible, there is a consensus that there is no harm in declaring victory early."
Doge is a cryptocurrency that Musk has been continuously promoting after mentioning Bitcoin (BTC). Musk declared in February 2021 that Tesla would use Bitcoin as a payment method for its electric vehicles, leading to a surge in Bitcoin, but suddenly withdrew his position citing environmental issues, leading to a sharp drop in Bitcoin. Since then, he has continued to praise Doge instead of Bitcoin, earning the nickname 'Doge Father'.
