Elon Musk Shares Dogecoin Meme DOGE Leads the Surge, Soaring to a 5-Month High, It Has Become the Best Performing Cryptocurrency Among the Top 100

The U.S. presidential election is set to begin on November 5. Recently, Tesla CEO and X platform owner Elon Musk, who has frequently voiced support for Republican presidential candidate Trump, has also not forgotten to promote Dogecoin. Today, he tweeted sharing an image of a Shiba Inu, which helped Dogecoin rise nearly 3% within an hour.

Musk Promotes Dogecoin Again

Notably, Musk does not forget his identity as the 'Dogecoin Father.' With the U.S. presidential election approaching, he publicly promotes Dogecoin again. This morning at 10 AM, he tweeted sharing an image of himself supporting Trump, wearing a 'Make America Great Again' hat and raising his fist, alongside a similar pose of a Shiba Inu.

Dogecoin Continues to Rise—In the past 24 hours, it has become the best performing cryptocurrency among the top 100.

According to CoinGecko, the original meme coin reached a price of nearly $0.167 on Monday afternoon, marking the highest price in nearly five months, having last touched that price in early June.

Compared to this peak, DOGE has slightly retreated, with the current price being $0.167, a nearly 15% increase throughout the day, making it the cryptocurrency with the largest increase among the top 100 by market capitalization.

Musk expressed support for former U.S. President Trump during Trump's bid for re-election, and Trump stated that if he wins the election next week, Musk may hold a position in the government.

Trump mentioned that Musk would be in charge of a department called the Department of Governmental Efficiency, abbreviated as D.O.G.E., which coincidentally shares the same abbreviation as Dogecoin's trading code.

Since the incident occurred, the asset has continued to rise, with gains even surpassing those seen in recent weeks after Musk mentioned D.O.G.E., clearly indicating that these mentions have helped drive the coin's price.