As the U.S. presidential election on November 5 approaches, Tesla and X platform's Musk has become a focal point. While strongly supporting Republican candidate Trump on social media, he also promotes his Dogecoin, which is now priced at $0.14386, having increased by $0.00744 in 24 hours, a rise of 5.45%. Looking at the 24-hour trading volume, it stands at 10.68 billion, with a market cap reaching 21.1 billion.

Musk's support for Trump is genuine financial backing. Reports indicate he donated $75 million to Trump's campaign in the third quarter and even initiated a petition campaign, which was later halted due to legal issues, but this move is quite impressive. Not only does he support financially, but he also lends his voice to bolster Trump in public opinion, showing a level of support that is quite significant.

Musk's actions have sparked discussions in the U.S. political arena and have significantly boosted his approval among Republican voters. As the election approaches, his frequent statements undoubtedly fuel Trump's campaign. He has also emphasized the need to cut government spending and audit expenses, aligning perfectly with the Republican's long-standing 'small government' philosophy.

Speaking of Musk, he also has a title: 'Dogecoin Godfather.' His love for Dogecoin is well-known. On the morning of October 28, he first posted a photo wearing a 'Make America Great Again' hat on the X platform, followed by sharing a picture of a Shiba Inu striking a similar pose. This series of actions instantly created a buzz on social media, causing Dogecoin's price to soar.

From the moment Musk tweeted, Dogecoin jumped from $0.1418 to $0.1458 in just one hour, a nearly 3% increase. Although the price later retreated, by the time I finished writing this article, Dogecoin's price had still risen significantly. This increase, while not particularly astonishing, clearly demonstrates Musk's direct influence on the cryptocurrency market.

In addition to supporting Trump and promoting Dogecoin, Musk has proposed a rather controversial plan to cut federal government spending by $2 trillion.

With election day approaching, Musk's frequent statements not only fuel Trump's campaign but also positively impact the cryptocurrency market.