Musk’s political activities to support Donald Trump have positively impacted Dogecoin’s price, which rose by 11.68% in 24 hours and recorded a significant increase in trading volume.
Musk’s support for Dogecoin has a history of influencing its price, often has promoted the memecoin on X, leading to both legal challenges and positive support
The world’s richest person Elon Musk has caused a Dogecoin frenzy after making comments about the Department of Government Efficiency (D.O.G.E) in an interview at a town hall meeting in Folsom, Pennsylvania. In the open line of questioning, someone inquired about his stance on the Department of Government Efficiency, which he may potentially lead in the future.
In response, the billionaire created an abbreviation for the Department of Government Efficiency(D.O.G.E) much like the name of his favorite meme coin, Dogecoin (DOGE). This answer from the DOGE father sent Dogecoin’s price skyrocketing on social media, rising by 11.68% in 24 hours bringing its market cap to $20 billion.
