Tesla CEO Elon Musk once again publicly supported Dogecoin (DOGE) while speaking at a campaign event for Donald Trump's presidential campaign in Pennsylvania on Thursday, an act that caused the price of Dogecoin to rise by 15% in 24 hours. At the event at Ridley High School, when asked if he would be willing to lead a new "Department of Government Efficiency", Musk humorously replied "Yes, Dogecoin (DOGE)", which triggered cheers and applause from the crowd. Subsequently, the value of Dogecoin climbed to $0.14, up more than 15% in the past 24 hours, and its market value is close to $20 billion.

Musk's joking reference to Dogecoin is not accidental. A few weeks ago, Trump proposed a new initiative to reduce government waste, and Musk supported it. In September, Trump proposed the establishment of an efficiency commission led by Musk to conduct a comprehensive financial and performance audit of the entire federal government.

Musk's influence on Dogecoin is huge. Earlier this year, he publicly expressed his support for Dogecoin and called it "the people's cryptocurrency", which led to a sharp increase in its price. It can be observed that whenever Musk publicly expresses his support for the cryptocurrency, the price of Dogecoin surges by more than 50% in a short period of time. Therefore, it is clear that he has a huge influence in influencing the price of the coin.

Dogecoin's large user base, coupled with Musk's support, allows the coin to frequently compete with significant altcoins. This puts Dogecoin in a compelling position, somewhere between a meme and a solid cryptocurrency with lasting prospects. Although Dogecoin may experience short-term price adjustments, Musk's influence and the potential political impact of his support for Trump may continue to drive Dogecoin prices higher in the coming months. As the US election approaches, Dogecoin may experience more significant price fluctuations, especially if Musk continues to promote the concept of a "Ministry of Government Efficiency".