Dogecoin Surges 7% After Elon Musk Talks "D.O.G.E" Plan at Trump Rally in Pennsylvania

Dogecoin (DOGE) saw a notable 7% jump in its value after Elon Musk made waves at a Pennsylvania campaign event for Donald Trump. During the rally, Musk introduced his idea for a "Department of Government Efficiency" (D.O.G.E), a name that quickly caught the attention of both political followers and the crypto community, driving Dogecoin’s price up to over 13 cents—the highest it’s been since July.

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Musk's Influence Pushes Dogecoin Higher

Elon Musk, a long-time supporter of Dogecoin, once again showed how his influence can move markets. While speaking at the Trump rally, Musk outlined his plan for the D.O.G.E., which aims to streamline government spending. Although the department is focused on cutting waste in government, the clever use of the acronym D.O.G.E. was enough to get Dogecoin enthusiasts buzzing.

As a result, Dogecoin’s price surged by 7%, far outpacing the broader crypto market. In comparison, Bitcoin only saw a 1% increase during the same period. Dogecoin’s one-week gain hit 22%, making it the best-performing major cryptocurrency at the moment.

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A New Political and Crypto Connection?

Musk’s backing of Trump has been a talking point for months now, especially after his multi-million-dollar donations to Trump’s campaign. The Pennsylvania rally was another show of support, especially in a state where both Republicans and Democrats are fighting hard for votes. Musk’s involvement in the political scene, combined with his influence in the crypto world, is creating a unique mix of interest from both sides.

Many crypto traders are speculating that if Trump wins, there could be more attention on Dogecoin, especially if Musk keeps pushing his D.O.G.E. idea. While the department Musk is proposing isn’t directly about cryptocurrency, the connection is sparking new excitement for Dogecoin’s future.

Traders Bet Big on Dogecoin’s Rise

The excitement over Musk’s comments isn’t just reflected in Dogecoin’s price—futures traders are also getting in on the action. The amount of open futures contracts tied to Dogecoin spiked, with over 5 billion DOGE tokens being bet on. This surge in futures trading is a strong sign that traders expect more volatility and potentially more gains for Dogecoin in the near future.

Musk's History with Dogecoin

Elon Musk has a long history of driving up interest in Dogecoin. Whether through tweets or comments during public events, Musk’s words have a noticeable impact on the meme cryptocurrency. His companies, like Tesla and X (formerly Twitter), have also integrated Dogecoin into their payment systems, giving the coin even more attention.

Aside from Dogecoin, Musk’s comments often influence other meme coins like Floki (FLOKI), which was inspired by Musk’s pet dog. With Dogecoin on the rise again, some traders believe that Floki could also see a boost in interest.

What’s Next?

With the 2024 election season heating up, all eyes are on how Musk’s involvement in Trump’s campaign and his push for the D.O.G.E. department will affect both the political landscape and the crypto market. While the D.O.G.E. plan is about government efficiency, its playful connection to Dogecoin is creating a lot of excitement in the crypto world.

Dogecoin’s recent price surge is just another example of how Musk’s influence can shake up the market. As Musk continues to make campaign appearances alongside Trump, traders will be watching closely to see how these developments impact Dogecoin’s price and the broader cryptocurrency market.

In the fast-paced world of crypto, Musk remains a central figure, and his support for Dogecoin continues to keep it in the spotlight. Crypto enthusiasts and traders are now waiting to see how far Dogecoin can go as the election season unfolds.

Also Read: Shiba Inu Beats Bitcoin and Dogecoin with the Highest One-Year Returns