The meme-based digital currency Dogecoin (DOGE) has witnessed a significant surge in value, outperforming the broader cryptocurrency market with a 14.39% increase in the last 24 hours.
This recent spike surpasses its weekly growth of 12.37% and highlights a more robust monthly climb of 27.36%, according to data from CoinMarketCap.
As a result, DOGE has emerged as the top-performing cryptocurrency among the top 100 coins over the past day.
Reaching a peak of almost $0.16 on the afternoon of October 28th, Dogecoin reached its highest value since early June, indicating renewed interest in the cryptocurrency, as reported by CoinGecko.
Is Elon Musk Responsible for Dogecoin’s Surge?
Upon closer examination, it appears that Tesla and SpaceX CEO Elon Musk may once again be the driving force behind the recent surge in DOGE’s price.
Despite Musk scaling back his active promotion of cryptocurrencies due to a legal battle, his recent resurgence in the limelight, including endorsing Donald Trump’s potential second term bid, has reignited interest in Dogecoin.
Trump has hinted at a potential position for Musk in his administration, overseeing an envisioned Department of Governmental Efficiency (D.O.G.E.), a name remarkably linked to Dogecoin’s ticker symbol.
This unexpected connection has sparked enthusiasm and speculation around Dogecoin, propelling its price surge.
At a widely-covered Trump rally at Madison Square Garden on October 27th, Musk garnered attention by advocating for the proposed D.O.G.E., suggesting that it could result in a staggering $2 trillion reduction in annual U.S. budget expenses.
How Did the Crypto Community Respond?
The audience’s enthusiasm was evident as Musk detailed how the D.O.G.E. initiative could lead to significant cost savings.
Furthermore, Musk added to the excitement by sharing a meme on social media featuring himself with the Dogecoin avatar, further enhancing the coin’s popularity.
Commenting on these developments, Paul Howard, senior director at crypto trading firm Wincent, noted,
“It’s a strategic move based on Trump’s appeal.”
He continued by stating,
“DOGE is now closely associated with the U.S. presidential election outcome due to its alignment with [Elon] Musk.”
It is worth mentioning that Musk had previously shown his support by wearing a distinctive ‘Make America Great Again’ cap and identifying himself as ‘Dark MAGA’. This move resulted in a notable 20% surge in MAGA’s price and an impressive 227% increase in Dark MAGA (DMAGA), reaching around $0.0073.
As the election approaches, the connection between politics and cryptocurrency has strengthened, with Trump emerging as a significant contender for the title of the “crypto president.”
Even MicroStrategy founder Michael Saylor has fueled speculation by questioning whether Trump or Kamala Harris would be a more favorable candidate for Bitcoin’s future.
With the election just days away and Polymarket indicators favoring Trump, attention has shifted to the potential impact on the cryptocurrency landscape and market dynamics.