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Cryptocurrency News Articles
Elon Musk’s ‘D.O.G.E’ Comment Sends Dogecoin Frenzy After Trump Gets His Backing
Oct 19, 2024 at 10:05 pm
The world’s richest person Elon Musk has caused a Dogecoin frenzy after making comments about the Department of Government Efficiency (D.O.G.E)
Elon Musk, the world's richest person, sparked a Dogecoin frenzy with his comments on the Department of Government Efficiency (D.O.G.E) during an interview at a town hall meeting in Folsom, Pennsylvania.
When asked about his stance on the Department of Government Efficiency, which he might lead in the future, the billionaire used an abbreviation that sounded like his favorite meme coin, Dogecoin (DOGE).
Following Musk's response, Dogecoin's price soared on social media, rising 11.68% in 24 hours and reaching a market capitalization of $20 billion.
Trump Receives Elon Musk's Substantial BackingThis comes amid speculation that a Trump presidency could lead to friendlier regulations for cryptos, driving up prices across the board.
The billionaire donated $75 million to America PAC, a pro-Republican political action organization (PAC).
Secure borders, limited government spending, public safety, justice reform, free expression, and the right to self-defense are among the PAC's top priorities.
To date, the America PAC has contributed over $96 million to Trump's campaign.
A Trump victory could also pave the way for XRP ETF and Solana ETF.
Musk's support has now made him the leading member of the Republican candidate's financial support team for the November 2024 election.
In addition to providing monetary backing, Musk is also actively involved in advocacy efforts.
As part of Trump's campaign, the Tesla CEO is now embarking on a multi-speech tour across Pennsylvania.
In the coming days, Musk is expected to participate in more of Trump's rallies in Pennsylvania.
Following Elon Musk's self-christening as the "dogefather" on a memorable "Saturday Night Live" sketch in May 2021, Dogecoin soared to an all-time high, reaching a market cap of $88 billion.
Due to its status as a meme coin, Dogecoin has always experienced drastic price fluctuations, which can be advantageous for short-term traders.
The meme-coin dropped 10% in a single day in June due to concerns about the rising interest rates.
However, despite its popularity and strong community support, Dogecoin remains a meme coin with limited utility.
Following Musk's "D.O.G.E" comment, the coin's price has stabilized, currently trading at $0.14 with a 0.77% decrease in the last hour.
It is also rumored that Dogecoin is among the coins being considered for ETF approval, which would attract new investors and the highly sought-after institutional investment.
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