While Bitcoin and altcoin prices generally increased today, the performance of the leading memecoin Dogecoin (DOGE) came to the fore.
Interest in Dogecoin has surged after it was revealed that Elon Musk has donated $75 million since July to a U.S. political action committee that is running Republican candidate Donald Trump’s campaign ahead of the November presidential election.
Elon Musk may take office
Musk has maintained a close relationship with Trump over the past few months, including attending his rally, where he has spoken about establishing a “Department of Government Efficiency” (originally abbreviated as D.O.G.E) on various programs.
Trump also said that if he wins the election and is re-elected president, he could appoint Musk to lead a government efficiency commission. With these developments, investors think that a possible Trump victory could be bullish for DOGE. According to TradingView data, the DOGE price rose to $0.128 today, increasing by more than 10 percent.
His support for Dogecoin is known
Elon Musk has long been a supporter of Dogecoin, and DOGE often rises when there are developments regarding payments at Musk-owned companies. In April 2023, Musk hinted at DOGE payments by suggesting Dogecoin as a payment option on his Twitter Blue subscription service.
Musk’s electric car company Tesla is also now accepting DOGE payments for product purchases at the Tesla Store. Such developments reinforce Musk’s commitment to Dogecoin and the token’s potential future uses.
Stay tuned for new information.
