Investors are excited as Dogecoin surges, becoming the best-performing cryptocurrency in the last 24 hours following Donald Trump's high-profile campaign rally. The price of Dogecoin soared after news broke that Tesla's CEO is being considered for a new department head position.
Musk is the leader in government efficiency
Former U.S. President Trump, who is aiming to return to the White House, has declared that Tesla CEO Elon Musk will hold a significant position in his administration after he wins the upcoming U.S. election.
Trump stated that Musk will head a proposed department called the Department of Government Efficiency or DOGE for short, an acronym similar to Dogecoin. Analysts see this similarity has sparked the price increase.
During a Trump campaign rally in New York City over the weekend, Musk emphasized the benefits of establishing DOGE. He explained that this would create significant savings for the U.S. government, stating that this new department could cut the U.S. annual budget by up to $2 trillion.
Dogecoin's price skyrockets
The mention of DOGE planned in Trump's campaign has rekindled interest in this oldest meme asset.
The chart shows Dogecoin's price rising nearly 15% and trading at $0.157 as this cryptocurrency becomes the largest gainer among the top 100 digital currencies by market capitalization.
According to CoinGecko, Dogecoin had a price spike up to $0.16 on Monday, the highest since June.
The subtle increase of Dogecoin in recent weeks coincides with Musk's ongoing involvement in Trump's bid for re-election as President of the United States.
Following the recent shooting incident targeting Trump, Dogecoin's price has risen even higher than the current levels compared to DOGE.
A portion of the coins is held in top wallets
Analysts say Dogecoin may offer higher liquidity and abundant centralized listings, noting that the latest breakout has pushed the coin's trading volume to $2.5 billion.
They stated that top wallets hold about 21% of the total Dogecoin, owned by individuals looking for long-term profits.
At the time of writing, DOGE is trading at $0.165, up 14% and 16.3% in the daily and weekly time frames.
Meanwhile, market observers noted that Dogecoin's price surge does not affect 'dog-themed tokens'.
They also noted that some wallets with significant amounts of Dogecoin appear to want to sell their digital assets at any time.
