Key takeaways
- Elon Musk’s introduction of DOGE at a Trump rally caused a 10% increase in the value of Dogecoin.
- Musk’s campaign contributions are considered a major influence on the performance of the Dogecoin market.
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Dogecoin rose around 10% after Elon Musk unveiled his “Department of Government Efficiency” (DOGE) during his first turn of campaign for Trump in Pennsylvania on Thursday, CoinGecko data sample.
Pennsylvania is a swing state where Republican and Democratic powers are closely balanced. The event was part of a broader strategy by Musk to mobilize Republican voters in battleground states by encouraging early voting.
Musk’s proposed department aims to improve the efficiency of government spending and streamline the departments responsible for handling taxpayer funds. He suggested the department could operate similarly to a corporate entity, implementing incentives and sanctions for performance.
The CEO of Tesla and SpaceX publicly endorsed Trump following an assassination attempt on the former president in July. He has since become a major financial backer of Trump’s campaign.
Musk established a political action committee (PAC) called America PAC, into which he has invested more than $70 million to support Trump and other Republican candidates ahead of the November elections.
Cryptocurrency investors suggest that a Trump victory could increase interest in Dogecoin among retail investors.
The dog-themed meme token has become one of the top-performing crypto assets this week after rising 25% in the last seven days. It briefly touched $0.135 on Thursday before cooling and is now trading at $0.134, its highest level since late July.
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