Elon Musk’s recent campaign rallies endorsing Donald Trump are having a significant impact on the cryptocurrency market, particularly benefiting several meme coins like Dogecoin, now ranked as the eighth-largest cryptocurrency worldwide.
A notable instance occurred during a rally at Madison Square Garden in New York City, where Musk referenced a fictional “Department of Government Efficiency,” humorously abbreviated to D.O.G.E. This mention led to a substantial increase in Dogecoin’s value.
In the past 24 hours, Dogecoin has emerged as one of the top-performing digital assets globally, witnessing a nearly 15% surge, according to data from CoinGecko. Additionally, the cryptocurrency has recorded close to $4 billion in trading activity within the same timeframe, reflecting a nearly 40% rise in daily trading volumes, as reported by CoinMarketCap.
Speculation surrounding Musk’s potential appointment to a cabinet position within the proposed efficiency department, should Trump secure reelection, adds to the buzz. Musk’s playful reference to the D.O.G.E. department ties into his fondness for Dogecoin.
Last year, during a London CEO Council Summit, Musk addressed Dogecoin, cautioning listeners not to interpret his remarks as investment advice. “I’m not advising anyone to buy crypto or bet the farm on Dogecoin,” he stated.
Currently, Dogecoin boasts a market capitalization of approximately $25 billion, with its price hovering around $0.17 per token.
Earlier this year, a judge dismissed a $258 billion insider trading lawsuit against Musk brought by Dogecoin investors. They alleged that Musk manipulated the market for the meme coin, claiming he “profited tens of billions of dollars” at the expense of retail traders. Musk’s legal team defended his statements, describing them as “innocuous and often silly tweets.”
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