Jessy, Golden Finance
On October 29, DOGE surged, breaking through $0.16, with a 24-hour increase of 17%.
As the US election approaches, Trump trading is effective again, and DOGE has successfully captured political traffic and joined the Trump trading family bucket.
DOGE was able to catch the spotlight of the US election because the world's richest man, Musk, used his time, money and ability to unswervingly support Republican candidate Trump in this US election.
Musk's brand and reputation are now highly tied to Trump's. Supporting Trump is an important step for Musk to realize his political ambitions. The ties with Trump's interests will also benefit his business empire after Trump's election. DOGE's outstanding performance is the early realization of this benefit.
DOGE Transformation D.O.G.E
The highest price of DOGE was in April 2021 during the last bull market, breaking through $0.7
This was thanks to Musk's tweet "Doge Barking at the Moon" with a picture.
Musk has become the most famous supporter of DOGE. He has mentioned DOGE many times in his tweets and called it "the people's crypto", and he himself has become the father of Dogecoin. It is precisely because of Musk's many tweets that DOGE has been able to break through the circle and its market value has squeezed into the top ten of the cryptocurrency market value ranking.
In this cycle, Musk has repeatedly promoted DOGE. The most recent one was when Musk proposed to set up a Department of Government Efficiency, and the abbreviation of the department is D.O.G.E. The name and abbreviation of the department came from the suggestions of the DOGE community, and Musk adopted the suggestions of DOGE community members.
The Department of Political Efficiency grew out of an initiative he co-sponsored with Trump to conduct a comprehensive financial audit of the federal government and make recommendations to reduce waste, fraud and unnecessary spending.
Trump himself responded positively to Musk's proposal to set up a Ministry of Political Efficiency. In a speech at the New York Economic Club on September 6, Trump announced that if elected president, he would work with Musk to create a Ministry of Government Efficiency.
DOGE took advantage of the D.O.G.E. traffic. Musk discussed the D.O.G.E. plan again in his speech at Pennsylvania City Hall on October 17. DOGE surged by 30% at that time.
The potential of DOGE lies in its close connection with Musk. The richest man Musk is very good at making things happen. Just like this time, DOGE took advantage of the election. As long as Musk stays active in front of the stage, DOGE will always have hot spots to take advantage of.
Musk, a technology accelerator, supports Trump, a trade protectionist
This time, Trump was able to respond positively to Musk's proposal to establish D.O.G.E. because Trump and Musk's interests are already highly tied together.
Musk has become a frequent guest at Trump campaign events since the assassination attempt on Trump in July 2024.
In the US election, the final outcome of the election is determined by the votes of voters in several swing states, where the two parties currently have similar support rates.
Pennsylvania is the most important swing state in this election with 19 electoral votes. According to election analyst Nate Silver, the candidate who wins the state has a more than 90% chance of winning the White House.
According to the New York Times, in order to help Trump win Pennsylvania, Musk has moved to Pennsylvania to monitor Trump's election campaign there.
Musk promised to give out $1 million a day to a random person who signed an online petition he initiated in support of free speech and gun rights before voting day. However, the signatory must be a registered voter in the United States and live in the seven swing states of Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania or Wisconsin.
In addition, Musk also offers a $100 reward for each registered Pennsylvania voter who signs the petition, and $100 for recommending another registered Pennsylvania voter to participate in the petition.
Musk's pro-Trump political action committee, America PAC, has spent more than $119 million this election cycle, according to nonprofit tracker Open Secrets, and Musk's own donations make him one of the largest individual donors to the presidential campaign.
After acquiring Twitter, Musk turned Twitter into a platform for public opinion support for Trump.
Fully supporting Trump is an important step for Musk to realize his political ambitions.
The combination of top billionaires and powerful politicians has always been common. This time, Musk and Trump put this combination on the table. Big capital has always had unparalleled influence in the United States. They usually bet on both sides in the election to ensure that no matter who wins the election, their business interests can be protected. It is very rare in American history for Musk to publicly and deeply support a candidate.
Musk places heavy bets on Trump, mainly because Musk’s political ideas are highly consistent with Trump’s.
Musk is a believer in technological accelerationism. Technological accelerationists believe that all resources that capitalist society can mobilize should be used at all costs to move toward the "technological singularity." This technology may be big data, cryptocurrency technology, artificial intelligence, brain-computer interface, Mars immigration technology, or biotechnology. But no matter what it is, promoting technological innovation at all costs is the only ethically justifiable behavior. Human beings must accelerate the pace of technological progress and construction to ensure survival and promote their own presence in the universe.
Conservatives who believe that all new technologies should be more regulated are naturally labeled negatively by accelerationism - "decelerationism".
In the eyes of a number of technology giants including Musk, the Democratic Party elites in the United States are precisely such "decelerationists." And Trump, a businessman who opposes environmentalism and supports trade protectionism, has become the object of support for Musk and others.
After Trump takes office, Musk will also benefit directly, not only in realizing his political ideal - becoming the head of the government efficiency department, but his business empire will also benefit directly.
According to analysis, after Trump takes office, he may impose higher tariffs on Chinese electric vehicle manufacturers, which may be a good thing for Tesla.
The Republican Party platform, which Trump helped shape, includes promoting cooperation between the government and SpaceX, which is owned by Musk and has a monopoly on the commercial aerospace sector.
More importantly, Musk and Trump are the same kind of people. They saw each other, formed an alliance, and maximized each other's interests. The surge in DOGE is the early realization of this benefit. After Trump's election, there may be more similar moments.
In the future, Musk-related concept coins or stocks will be highly tied to the "Trump deal."
