The price of Bitcoin (BTC) may be up today, but the biggest winner is the original meme coin Dogecoin (DOGE). And the reason, it appears, is self-proclaimed Dogefather Elon Musk.
According to CoinGecko data, Dogecoin’s price has surged by over 10.5% over the past 24 hours. It now stands at $0.1349. Over the past seven days, DOGE has jumped by around 24.7%, making it the best-performing cryptocurrency among the top 40 largest cryptocurrencies by market capitalization.
Dogecoin Jumps On Musk’s Introduction Of D.O.G.E At A Trump Rally
Billionaire tech entrepreneur Musk further shared plans for his proposed “Department of Government Efficiency”, abbreviated as D.O.G.E, at a Pennsylvania town hall on Thursday.
When asked by an attendee during the event whether he would helm the Department of Government Efficiency, the Tesla/SpaceX CEO replied with a cheerful smirk, “Yeah, Doge,” prompting a loud applause from the crowd.
Musk’s playful mention of Dogecoin wasn’t entirely out of the blue — it came just weeks after former president Donald Trump floated a new initiative for reducing what he and the centibillionaire view as governmental waste. Trump has previously said he would tap Musk to head the much-touted government efficiency department if he wins the second term as president of the United States.
However, DOGE investors may have interpreted Musk’s remark as another subtle endorsement of the canine-themed token, whose value has often rocketed after his public comments.
It’s also not the first time he’s made a deliberate connection between the proposed agency name and the DOGE cryptocurrency.
Department of Government Efficiency pic.twitter.com/HFeHYNIkJN
— Elon Musk (@elonmusk) September 7, 2024
Created as a parody of Bitcoin in 2013, Dogecoin has since evolved into a top-ten crypto by market value with a fervent user base, thanks in large part to Elon Musk. Back in 2021, the X owner revealed he was working with Dogecoin developers to improve the cryptocurrency so it could beat Bitcoin hands down.
While the meme coin remains down over 80% from its peak 2021 price, Musk’s support has given it staying power, perhaps driven by discussions on X and expectations of a larger endorsement by the eccentric CEO in the coming months.
