The value of Dogecoin (DOGE) surged late Thursday after Tesla CEO and billionaire Elon Musk briefly mentioned the currency by name during a town hall meeting in Folsom, Pennsylvania.
At the event at Ridley High School, an attendee asked Musk if he would lead a new "Department of Government Efficiency." Musk replied with an easy smile, "Yes, Doge," to cheers and applause from the crowd.
Dogecoin’s price has since climbed to $0.13, up more than 6.8% in the past 24 hours. Its market capitalization has also surged to $19.3 billion, according to Coingecko.
Musk’s joking reference to Dogecoin wasn’t entirely unexpected — it came just weeks after Trump proposed a new initiative to cut what he and Musk see as government waste.
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 has publicly supported the idea, calling it an opportunity for "tremendous American prosperity."
The Doge community was quick to interpret Musk’s playful comments as yet another subtle endorsement of the coin, which has often seen gains following his public statements.
Over the past seven days, DOGE has gained nearly 22.9%, making the meme coin the best performer among the top ten cryptocurrencies by market cap.
Musk attended the event, organized by Trump's US Political Action Committee, to encourage voter registration in suburban Philadelphia ahead of the 2024 presidential election.
The billionaire’s involvement in Trump’s campaign extends beyond public support. Through America PAC, a super PAC that supports Trump and other Republican candidates, Musk has pledged more than $70 million to raise money for the 2024 election.
Dogecoin’s gains demonstrate the model coin’s continued sensitivity to public statements from Musk, who earlier this week tweeted that “Dogecoin will fix this” in response to California’s decision to block a SpaceX launch.
While the tweet appeared to reference the much-touted government efficiency department, the market saw it as yet another deliberate connection between Musk’s humor and DOGE.
Dogecoin was created in 2013 as a parody of Bitcoin, but has since grown into one of the top ten cryptocurrencies by market cap and spawned many iconic memes in the cryptocurrency community.
While the meme coin is still down more than 80% from its 2021 highs, Musk’s support has given it staying power, with the meme coin frequently surging following his tweets and public comments.
