Musk’s Revelation Sparks 15% Dogecoin Spike After Trump Rally Appearance

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous instances where news events can significantly impact asset prices. In this case, the potential appointment of Elon Musk as head of a proposed Department of Governmental Efficiency (D.O.G.E.) under President Trump’s administration has sent ripples through the cryptocurrency market, particularly Dogecoin.

Enthusiasm among investors grew significantly when Dogecoin saw a substantial price surge, becoming the top-performing cryptocurrency over the past day. This surge followed an energetic campaign rally led by presidential candidate Donald Trump.

The cost of Dogecoin surged after it was revealed that the CEO of Tesla is being contemplated for a leading role in a potential new department.

Musk As Gov’t Efficiency Head

In simpler terms, Trump, a former U.S. president with aspirations to return to office, has stated that Elon Musk, the CEO of Tesla, would play a significant role in his government if Trump wins the upcoming United States elections.

As an analyst, I found it intriguing when Trump suggested that Elon Musk might lead the Department of Governmental Efficiency (D.O.G.E.). The acronym’s resemblance to Dogecoin, a popular cryptocurrency, caught many eyes, potentially sparking the price rally we saw.

— Elon Musk (@elonmusk) October 28, 2024

The CEO of Tesla is traveling across the nation, advocating for Trump’s re-election bid as he seeks another term in the White House.

During a recent rally in New York City, Musk highlighted the advantages of implementing the proposed D.O.G.E. He expounded upon the idea, stating that this new department has the potential to bring about massive savings for the U.S. government. Specifically, he suggested that it could reduce the annual U.S. budget by a staggering $2 trillion.

At the @realDonaldTrump / @JDVance rally at Madison Square Garden!

— Elon Musk (@elonmusk) October 27, 2024

Dogecoin Price Rally

Bringing up the upcoming D.O.G.E. during a Trump rally sparked renewed curiosity in the longest-standing meme-based investment.

The graphs demonstrated that Dogecoin’s price jumped approximately 15% to reach $0.157, making it the most successful currency in the group of the top 100 cryptocurrencies ranked by market capitalization.

As a crypto investor, I’ve noticed an exciting surge in Dogecoin prices, soaring to a record high of $0.16 on Monday, marking the highest point for the coin since June. (According to CoinGecko)

Over the past several weeks, there’s been a gradual rise in the value of Dogecoin, which seems to align with Elon Musk’s persistent engagement in Donald Trump’s efforts to secure another term as U.S. President.

Following the latest gun attack on Trump, the value of Dogecoin increased remarkably, reaching heights that are currently surpassed only by its connection with D.O.G.E., stated in a more straightforward manner: After the shooting involving Trump, the price of Dogecoin jumped to a level higher than what it’s experiencing now compared to D.O.G.E.


A Portion Of The Coins Are In Top Wallets

Experts noted that Dogecoin could offer increased market fluidity and numerous centralized trading options, indicating that the recent surge boosted its trading volume up to approximately $2.5 billion.

Approximately 21% of all Dogecoin is controlled by the largest wallets, these being held by investors aiming for long-term returns.

Currently, Dogecoin is being exchanged for approximately $0.165. In the last 24 hours, its value has increased by 14%, and over the past week, it’s seen a rise of 16.3%.

At the same time, those watching the market found that the rise in Dogecoin’s price did not affect “tokens related to dogs”.

Additionally, they observed that numerous wallets holding significant amounts of Dogecoin appear to be eager to sell off their digital coins at any given moment.

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2024-10-30 04:35