The cryptocurrency market has witnessed a strong growth of Dogecoin (DOGE), as this meme coin has become the brightest star among the top 100 performing coins. With a 14.39% increase in just 24 hours, DOGE is now on a rapid growth trajectory, reaching its highest point since early June. The momentum behind this rise seems once again related to Tesla and SpaceX CEO Elon Musk, and his indirect connection with former US President Donald Trump.

Notable Growth of DOGE

According to CoinMarketCap, Dogecoin has recorded a weekly growth of 12.37% and a 27.36% increase over the past month. The price of DOGE peaked at $0.16 on October 28, marking a new high and emphasizing the renewed appeal of this coin. Launched as a joke in 2013, Dogecoin has now attracted the attention of major investors, and thanks to Musk, there is additional momentum from a potential relationship with some influential politicians.

Elon Musk and Trump's Public Endorsement

The excitement behind Dogecoin is now not just coming from cryptocurrency investors but also from indirect support from the political sphere. In particular, Elon Musk has recently voiced his support for Donald Trump's campaign for a second term. Trump has cleverly hinted that Musk could be involved in his administration if he wins, overseeing a Department of Government Efficiency named D.O.G.E (Department of Government Efficiency), coincidentally sharing the name with Dogecoin's ticker. This has created a new wave of excitement and speculation in the cryptocurrency community.

DOGE – A Political Tool?

The media suggests that with Musk linking D.O.G.E to plans for budget cuts in the US government, DOGE has once again become the center of attention, both as a meme coin and a symbol. At a Trump campaign event at Madison Square Garden on October 27, Musk caused a stir by publicly sharing his idea about the D.O.G.E program, claiming it could help reduce US government spending by up to $2 trillion. After this event, Musk amplified the allure of Dogecoin by sharing a meme on social media featuring the Dogecoin logo, causing its value to skyrocket.

The Cryptocurrency Community and the Reaction to 'Dogecoin Politics'

The event at Madison Square Garden and Musk's subsequent moves have sparked a lot of interest from the cryptocurrency community. According to Paul Howard, a senior director at Wincent, Trump's current popularity is partly driving the popularity of DOGE. Howard suggests that the connection between Dogecoin and Musk, along with the possibility of Trump becoming the 'crypto president', has created a strong allure for the market, especially as the US election approaches. Musk previously drew attention when he wore a 'Make America Great Again' hat and called himself 'Dark MAGA', causing the price of Dark MAGA (DMAGA) to surge by 227%.

What is the Future of Dogecoin in the Political Context?

With the time to the election counting down, not only DOGE but the entire cryptocurrency market is experiencing a wave of speculation and expectations. Michael Saylor, the founder of MicroStrategy, even added fuel to the fire by questioning whether Trump or Kamala Harris would be a better candidate for the future of Bitcoin and cryptocurrency.

Regardless of the outcome of the upcoming election, it is clear that Dogecoin is no longer just a meme coin but has become a symbol of a new political wave, linking both Musk and Trump. From there, Dogecoin not only reflects investment trends but also symbolizes a rising political movement in the decentralized finance sector.

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