Dogecoin ($DOGE) recently spiked over 15% after Elon Musk referenced it at a rally supporting Donald Trump’s presidential campaign. In a Pennsylvania town hall, Musk playfully referred to Dogecoin as the
“Department of Government Efficiency,” igniting social media buzz and lifting DOGE’s price. Musk also announced a $75 million donation through his America PAC to support Trump and other Republicans, raising speculation about a potentially crypto-friendly regulatory stance if Trump wins the presidency.
Historically, value has been highly influenced by celebrity endorsements, with Musk playing a central role in previous price surges. In 2021, his promotions helped market cap reach a record $88 billion. Now, his alignment with Trump’s agenda could draw further interest and investment in DOGE. Many in the crypto community anticipate that a Trump administration might favor lighter regulations on cryptocurrencies, which could attract hesitant investors.
Musk’s influence on has already shown its impact, with the recent rally underscoring DOGE’s volatility and susceptibility to his comments. If Trump continues to spotlight Dogecoin in his campaign, and if favorable policies follow, trajectory toward $1 could become more plausible. Current market dynamics show DOGE outperforming Bitcoin’s 3% recent rise, suggesting that if the momentum holds, Dogs climb to $1 may not be as distant as once thought.
