Dogecoin rose about 10% after Elon Musk announced the creation of the Department of Government Efficiency (D.O.G.E.) during Trump's first campaign event in Pennsylvania on Thursday, data from CoinGecko shows.
Pennsylvania is a key state where Republicans and Democrats are engaged in an intense battle. The event was part of Musk's broader strategy to mobilize Republican voters in battleground states by encouraging early voting.
Musk's proposed department is designed to streamline government spending and streamline the agencies responsible for managing taxpayer money. Musk believes the department could function similarly to a corporate structure, with incentives and penalties for performance.
the CEO of #Tesla and SpaceX publicly supported Trump after the former president's assassination in July. Since then, he has become a major donor to Trump's campaign.
Musk has formed a political action committee (PAC) called America PAC, which has poured more than $70 million into supporting Trump and other Republican candidates ahead of the November election.
Cryptoinvestors speculate that Trump's victory could increase interest in #Dogecoin among private investors.
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