Musk’s Revelation Sparks 15% Dogecoin Spike After Trump Rally Appearance
October 29 2024 - 9:30PM
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Investors got excited as Dogecoin experienced a big price upsurge
making it the best-performing cryptocurrency in the last 24 hours
after a massive campaign rally by presidential candidate Donald
Trump. Dogecoin’s price spiked following the disclosure that the
Tesla CEO is being considered as the head of a proposed department.
Related Reading: Pepe Battles Price Decline, But Analysts Signal A
Potential Rally Ahead Musk As Gov’t Efficiency Head Former US
president Trump, who is eyeing a White House comeback, announced
that Tesla CEO Elon Musk will hold a key position in his
administration once he emerges triumphant in the upcoming US
elections. Trump said that Musk would be the head of a proposed
department called the Department of Governmental Efficiency or
D.O.G.E. for short, an acronym that bears resemblance to Dogecoin.
A similarity analysts viewed sparked the price rally.
pic.twitter.com/y0UCd5NvMj — Elon Musk (@elonmusk) October 28, 2024
The Tesla CEO has been making rounds in the country to endorse
Trump in his pursuit of getting a second chance at the White House.
In a Trump rally in New York City over the weekend, Musk emphasized
the benefits of establishing D.O.G.E. He explained that it would
generate huge savings for the US government, saying that the new
department could trim the annual US budget by $2 trillion. At the
@realDonaldTrump / @JDVance rally at Madison Square Garden!
https://t.co/gEcj39mXIp — Elon Musk (@elonmusk) October 27, 2024
Dogecoin Price Rally Mentioning the planned D.O.G.E. in a Trump
campaign sortie reignited the interest in the oldest meme asset.
Charts showed that the price of Dogecoin increased by nearly 15%
and traded at $0.157 as the crypto becomes the biggest gainer among
the top 100 digital currencies by market cap. According to
CoinGecko, Dogecoin has been experiencing a price rally hitting
$0.16 on Monday, the highest it has ever been since June. The
subtle increase in Dogecoin over the last few weeks coincides with
Musk’s continuous involvement in Trump’s quest to get re-elected as
US president. After the recent shooting incident against Trump,
Dogecoin prices climbed up to a level which is even higher than
what it is currently experiencing in relation to D.O.G.E. DOGE
price up in the last 24 hours. Source: Coingecko A Portion Of The
Coins Are In Top Wallets Analysts said that Dogecoin can provide
higher liquidity and abundant centralized listings, saying that the
latest breakout pushed the coin’s volume to $2.5 billion. They said
that top wallets hold about 21% of all Dogecoin, which is owned by
individuals looking for long-term profits. At the time of writing,
DOGE was trading at $0.165, up 14% and 16.3% in the daily and
weekly timeframes. Related Reading: Bitcoin Potential For Monetary
Policy Sparks Growing Interest Among Central Banks Meanwhile,
market observers noticed that the Dogecoin price uptick has no
impact on “dog-themed tokens”. They also noted that several wallets
with substantial Dogecoin are seen to be keen on disposing of their
digital assets anytime. Featured image from CCN, chart from
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