Investors got excited as Dogecoin experienced a big price upsurge making it the best-performing cryptocurrency in the last 24 hours after a massive campaign rally by presidential candidate Donald Trump.
Dogecoin’s price spiked following the disclosure that the Tesla CEO is being considered as the head of a proposed department.
Musk As Gov’t Efficiency Head
Former US president Trump, who is eyeing a White House comeback, announced that Tesla CEO Elon Musk will hold a key position in his administration once he emerges triumphant in the upcoming US elections.
Trump said that Musk would be the head of a proposed department called the Department of Governmental Efficiency or D.O.G.E. for short, an acronym that bears resemblance to Dogecoin. A similarity analysts viewed sparked the price rally.
— Elon Musk (@elonmusk) October 28, 2024
The Tesla CEO has been making rounds in the country to endorse Trump in his pursuit of getting a second chance at the White House.
In a Trump rally in New York City over the weekend, Musk emphasized the benefits of establishing D.O.G.E. He explained that it would generate huge savings for the US government, saying that the new department could trim the annual US budget by $2 trillion.
At the @realDonaldTrump / @JDVance rally at Madison Square Garden!
https://t.co/gEcj39mXIp— Elon Musk (@elonmusk) October 27, 2024
Dogecoin Price Rally
Mentioning the planned D.O.G.E. in a Trump campaign sortie reignited the interest in the oldest meme asset.
Charts showed that the price of Dogecoin increased by nearly 15% and traded at $0.157 as the crypto becomes the biggest gainer among the top 100 digital currencies by market cap.
According to CoinGecko, Dogecoin has been experiencing a price rally hitting $0.16 on Monday, the highest it has ever been since June.
The subtle increase in Dogecoin over the last few weeks coincides with Musk’s continuous involvement in Trump’s quest to get re-elected as US president.
After the recent shooting incident against Trump, Dogecoin prices climbed up to a level which is even higher than what it is currently experiencing in relation to D.O.G.E.
DOGE price up in the last 24 hours. Source: CoingeckoA Portion Of The Coins Are In Top Wallets
Analysts said that Dogecoin can provide higher liquidity and abundant centralized listings, saying that the latest breakout pushed the coin’s volume to $2.5 billion.
They said that top wallets hold about 21% of all Dogecoin, which is owned by individuals looking for long-term profits.
At the time of writing, DOGE was trading at $0.165, up 14% and 16.3% in the daily and weekly timeframes.
Meanwhile, market observers noticed that the Dogecoin price uptick has no impact on “dog-themed tokens”.
They also noted that several wallets with substantial Dogecoin are seen to be keen on disposing of their digital assets anytime.
Featured image from CCN, chart from TradingView