- Dogecoin’s price surged by 7.3% on Monday, making it the biggest gainer among the top 100 cryptocurrencies, while Bitcoin’s price fell by 0.5% as Elon Musk continued advocating for Donald Trump in the U.S. presidential election
- Musk has proposed the creation of a “Department of Government Efficiency” (DOGE) agency that he claims could reduce government spending by at least $2 trillion annually under his leadership
- Dogecoin’s price rally has coincided with a renewed appetite for risk assets, according to an analyst, who cited post-election positioning and the Federal Reserve’s easing campaign as factors driving the asset’s rally
The price of Dogecoin has been rising as billionaire Elon Musk continues advocating for former President Donald Trump ahead of the 2024 U.S. presidential election. Meanwhile, Bitcoin has declined in price.
Musk’s Increasing Involvement as Trump Campaign Surrogate
While the Tesla CEO officially endorsed Trump’s White House bid in July, he’s become increasingly involved as a campaign surrogate. Musk has spoken at several of Trump’s campaign rallies and highlighted a Dogecoin-inspired agency amid a flurry of supportive tweets.
Dubbed the so-called “Department of Government Efficiency” (DOGE), Musk claimed it could reduce government spending by at least $2 trillion annually under his leadership. Bearing an acronym that mirrors Dogecoin’s ticker name, Musk has expressed amusement toward the agency’s growing media coverage.
Dogecoin Price Reacts to Musk’s Comments
Dogecoin’s price has reacted strongly to Musk’s recent DOGE remarks. Following his talk of reducing government spending last week, the asset’s price spiked as high as $0.178, its highest since April.
Though Musk said he’s not actively involved in crypto, his comments have impacted Dogecoin’s price. Like most meme coins, its price has been especially volatile as the 2024 race enters its final stretch.
Conclusion
As the U.S. heads to the polls, Musk’s continued advocacy for Trump and references to Dogecoin will likely contribute to price volatility for the meme-inspired cryptocurrency.
