Elon Musk's Massive Donation to Donald Trump's Campaign Fuels Dogecoin (DOGE) Price Boom

Tech mogul Elon Musk has made headlines once again, this time for his significant financial support to Donald Trump's presidential campaign.

Tech billionaire Elon Musk has made headlines once again with his significant financial support to Donald Trump's presidential campaign. Recent reports indicate that the billionaire has contributed nearly $75 million to a pro-Republican political action committee (PAC) called America PAC. This substantial donation positions Musk, known to his followers as "Dogecoin Fan," as one of the top backers in Trump's bid for re-election.

The PAC prioritizes candidates who champion secure borders, controlled government spending, public safety, justice reform, free speech, and the right to self-defense. According to data from OpenSecrets, the America PAC has already invested more than $96 million into Trump’s campaign. Reports suggest that a Trump victory could pave the way for XRP ETF and Solana ETF.

Musk's backing has made him the leading figure among the Republican candidate's top finance supporters in the November 2024 election. In addition to financial support, Musk is also taking a hands-on approach to campaigning.

The Tesla CEO is currently giving a series of talks across Pennsylvania as part of Trump's campaign efforts. His speeches are scheduled to run until Monday. Attendees at these events are required to sign America PAC's free speech petition and show proof that they have voted in Pennsylvania.

According to a Reuters report, Musk's involvement in Trump's Pennsylvania rallies is set to increase in the coming days. Following Musk's appearances, Trump's odds of winning Pennsylvania have improved.

After Musk's involvement in the campaign, Trump now leads Kamala Harris by 18% in the state, according to data from Polymarket. Overall, Trump's win odds now stand at 59.9%, while Harris has a 40.1% chance of winning the election. Recently, Musk's involvement also contributed to a surge in MAGA meme coin prices, as reported by CNF.

Elon Musk's interest in Dogecoin (DOGE) has also garnered attention amidst his political involvement. Known for his support of the King of meme coins, Musk's political actions and growing alignment with Trump have had a positive effect on DOGE price performance, reported CNF.

Over the last 24 hours, Dogecoin price has surged by 11.68%, trading at $0.1267 at press time on Wednesday, October 16. In the past 30 days, DOGE price has risen by 24.68%. Within the same 24-hour period, trading volumes for DOGE soared by over 96.06%, reaching $2.11 billion.

Moreover, there was a sharp rise in activity in Dogecoin futures. Today, DOGE futures went up by 32.29%, with the total open interest hitting $6.05 billion, valued at $767.30 million, according to Coinglass. Notably, DOGE short liquidations reached $3.88 million, indicating short-term price growth due to buying pressure.

This uptick in Dogecoin's price and trading volume is closely tied to Musk's support for Trump, centering on speculation that Musk may play a key role in a proposed government initiative called the Department of Government Efficiency (DOGE) in case Trump wins.