Main Insights
- The launch of D.O.G.E by Elon Musk during a Trump rally resulted in a 10% rise in Dogecoin’s value.
- Musk’s financial support is considered a significant factor influencing Dogecoin’s market dynamics.
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After the unveiling of the “Department of Government Efficiency” (D.O.G.E) by Elon Musk during his initial campaign event for Trump in Pennsylvania on Thursday, Dogecoin rose about 10%, according to CoinGecko data.
Pennsylvania is a pivotal swing state, with a near balance between Republican and Democratic influences. This event was a part of Musk’s greater plan to mobilize Republican voters in battleground states by promoting early voting.
The proposed department aims to improve the efficiency of government spending and streamline departments managing taxpayer funds. Musk suggested that this department could function in a corporate-like manner, implementing performance incentives and penalties.
Following an assassination attempt against Trump in July, Musk has shown public support for him and has emerged as a significant financial contributor to Trump’s campaign.
Musk established a political action committee (PAC) named America PAC, into which he has invested over $70 million to back Trump and other Republican candidates as the November elections approach.
Investors in cryptocurrency believe that a Trump win could heighten interest in Dogecoin among retail traders.
This dog-themed meme token has ranked among the top-performing major cryptocurrencies this week, experiencing a 25% rally over the last seven days and briefly hitting $0.135 on Thursday before easing off to trade at $0.134, its peak since late July.
