Dogecoin (DOGE) has gained 9% in the past 24 hours to $0.14, bringing its market cap to $20 billion. The price surge was sparked by comments made by Elon Musk at a town hall meeting in Folsom, Pennsylvania.
Musk, who was promoting Donald Trump's presidential campaign, was asked by an audience member about his vision for a "Department of Government Efficiency" and responded with a witty "Yes, Dogecoin." The answer drew cheers from the audience and the price of Dogecoin quickly climbed on social media.
Musk's support for Dogecoin has been a major factor in its price action. He frequently promotes Dogecoin, which has brought both praise and legal challenges. However, a class-action lawsuit accusing him of pumping up the stock price was dismissed in August, clearing him of wrongdoing.
The cryptocurrency's market value reached an all-time peak of $88 billion in May 2021, thanks in part to Musk's appearances, such as his famous (Saturday Night Live) skit in which he called himself "Dog Dad."
Dogecoin’s market value rose to $20 billion following Musk’s latest comments. The token outperformed bitcoin, which rose just 3%, reflecting strong investor interest in the cryptocurrency.
Many cryptocurrency enthusiasts believe that if Trump is elected president, he may introduce more cryptocurrency-friendly regulatory policies, which may in turn drive up prices in the entire cryptocurrency market.
In the past, Dogecoin has experienced extremely volatile price fluctuations. It fell to a low of $0.05 in late 2023 before rebounding to $0.22 in March. However, in June, Dogecoin fell 10% due to concerns about rising interest rates.
Since then, the price of Dogecoin has stabilized at around $0.10. Musk's recent remarks have once again attracted people's attention to Dogecoin, and many people are closely watching the price increase of Dogecoin in the next few days.
The article is for reference only and does not constitute investment advice.
