Dogecoin (DOGE) surged 9% in the last 24 hours, pushing its price to $0.14 and boosting its market cap to $20 billion. The sudden spike came after Elon Musk made waves during a town hall meeting in Folsom, Pennsylvania, where he cleverly endorsed Dogecoin while promoting Donald Trump’s presidential campaign.
When asked about his idea for a “Department of Government Efficiency,” Musk cheekily responded, “Yeah, D.O.G.E.,” igniting excitement among the crowd and sending Dogecoin’s price soaring across social media.
Musk has a long-standing influence on Dogecoin’s price. His vocal support has both boosted the memecoin and drawn legal scrutiny. In August, a class-action lawsuit accusing Musk of manipulating the market in a pump-and-dump scheme was dismissed, clearing him of any wrongdoing.
Elon Musk shares his thoughts on the Department Of Government Efficiency (D.O.G.E.) pic.twitter.com/TJiADdF7fn
— Sir Doge of the Coin ⚔️ (@dogeofficialceo) October 18, 2024
Dogecoin’s price movements have historically been tied to Musk’s actions. The coin reached an all-time high market cap of $88 billion in May 2021, partially fueled by Musk’s appearances, including a “Saturday Night Live” sketch where he coined the term “dogefather.”
Following his recent remarks, Dogecoin’s market cap climbed to $20 billion, significantly outperforming Bitcoin’s 3% rise, signaling strong investor interest. The surge also comes at a time when many in the crypto space are speculating that a Trump presidency could usher in more favorable regulations for cryptocurrencies.
Dogecoin has seen sharp price fluctuations in the past. After falling to $0.05 in late 2023, it rebounded to $0.22 by March. Concerns over rising interest rates caused a brief 10% drop in June, but the memecoin has since stabilized around $0.10. Now, with Musk once again reigniting interest, all eyes are on how far Dogecoin could climb in the coming days.