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Investors were excited as Dogecoin saw a huge price surge making it the best-performing cryptocurrency in the past 24 hours following a massive campaign rally for presidential candidate Donald Trump.
The price of Dogecoin surged after it was revealed that the Tesla CEO is being considered as head of a proposed division.
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Musk as head of government efficiency
Former US President Trump, who is looking to return to the White House, announced that Tesla CEO Elon Musk will assume a key position in his administration once he emerges victorious in the upcoming elections. American elections.
Trump said Musk would be head of a proposed department called the Department of Government Efficiency, or DOGE for short, an acronym similar to Dogecoin. The similarity seen by analysts sparked price hikes.
– Elon Musk (@elonmusk) October 28, 2024
The Tesla CEO has been touring the country to endorse Trump as he seeks a second chance at the White House.
At a Trump rally in New York City over the weekend, Musk emphasized the benefits of creating DOGE and explained that it would generate huge savings for the US government, saying the new administration could cut the annual US budget by $2 trillion.
in @RealDonaldTrump / @JDVance Gather at Madison Square Garden!
https://t.co/gEcj39mXIp– Elon Musk (@elonmusk) October 27, 2024
Dogecoin prices rise
A planned mention of DOGE in a Trump campaign outing has reignited interest in the meme’s oldest origins.
Charts showed that the price of Dogecoin rose almost 15% and traded at $0.157 as the cryptocurrency became the biggest gainer among the top 100 digital currencies by market capitalization.
According to CoinGecko, Dogecoin saw its price rise to $0.16 on Monday, an all-time high since June.
The uptick in Dogecoin over the past few weeks coincides with Musk’s continued involvement in Trump’s bid for re-election as President of the United States.
After the recent Trump shooting incident, Dogecoin prices rose to a higher level than they are currently seeing in relation to DOGE.
DOGE price up in the last 24 hours. Source: Coingecko
There is a portion of coins at the top of the wallets
Analysts said Dogecoin could provide higher liquidity and abundant central queues, saying the recent hack pushed the coin’s volume to $2.5 billion.
The largest wallets hold about 21% of the total Dogecoin, which is owned by individuals looking for long-term profits, they said.
At the time of writing, DOGE is trading at $0.165, up 14% and 16.3% on the daily and weekly time frames.
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Meanwhile, market observers noted that the rise in Dogecoin price had no impact on the “dog tokens.”
They also noted that many wallets holding significant Dogecoin are seen as eager to dump their digital assets at any time.
Featured image from CCN, chart from TradingView