Dogecoin (DOGE) saw a significant boost after Tesla CEO Elon Musk briefly mentioned the meme coin during a town hall meeting in Folsom, Pennsylvania. Musk’s lighthearted reference to Dogecoin led to a 6.8% price surge, pushing its value to $0.13 and its market capitalization to $19.3 billion, according to CoinGecko.
Musk’s Playful Endorsement Ignites Dogecoin Rally
During a meeting at Ridley High School, Musk was asked if he would lead a new “Department of Government Efficiency.” With a smile, he replied, “Yeah, Doge,” drawing cheers from the audience. This playful comment came just weeks after former President Donald Trump suggested Musk lead a government efficiency initiative. The Dogecoin community quickly interpreted Musk’s words as yet another subtle endorsement of the meme coin, which has a history of rallying after his public mentions.
DOGE Up 22.9% in the Last Week
Following Musk’s comment, Dogecoin has surged, gaining 22.9% in the past week, making it the top performer among the ten largest cryptocurrencies. This price spike also follows Musk’s recent tweet, “D.O.G.E. will fix it,” which seemed to connect his humorous take on government efficiency with the popular meme coin.
Musk’s Role in Trump’s 2024 Campaign
Musk attended the town hall event to support Trump’s America PAC, encouraging voter registration ahead of the 2024 presidential election. Through this Super PAC, Musk has committed over $70 million to Trump’s campaign efforts. His ongoing support of Dogecoin, coupled with his political involvement, continues to demonstrate the meme coin’s sensitivity to Musk’s influence.
Dogecoin’s Resilience Despite Market Downturn
Originally created as a joke in 2013 to parody Bitcoin, Dogecoin has evolved into a major cryptocurrency. Though it’s down over 80% from its 2021 peak, Musk’s ongoing endorsements keep Dogecoin relevant, causing frequent price jumps following his public comments.
