Investors were thrilled as Dogecoin saw a significant price surge, making it the top-performing cryptocurrency in the last 24 hours following a major campaign rally by presidential candidate Donald Trump.
The price of Dogecoin spiked after it was revealed that Tesla CEO Elon Musk is being considered for a key position in a proposed department.
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Musk As Gov’t Efficiency Head
Former US President Trump, who is eyeing a White House comeback, announced that Elon Musk would head a proposed department called the Department of Governmental Efficiency (D.O.G.E). The acronym bears resemblance to Dogecoin, sparking a price rally.
— Elon Musk (@elonmusk) October 28, 2024
Elon Musk has been endorsing Trump in his bid for the White House, emphasizing the benefits of establishing D.O.G.E at a rally in New York City.
Dogecoin Price Rally
The mention of D.O.G.E in a Trump campaign event reignited interest in Dogecoin, leading to a price increase of nearly 15%, with the cryptocurrency becoming the top gainer among the top 100 digital currencies by market cap.
According to CoinGecko, Dogecoin reached $0.16 on Monday, the highest price since June, coinciding with Musk’s involvement in Trump’s re-election campaign.
DOGE price up in the last 24 hours. Source: Coingecko
A Portion Of The Coins Are In Top Wallets
Analysts noted that Dogecoin offers high liquidity and numerous centralized listings, with the recent breakout pushing the coin’s volume to $2.5 billion. Top wallets hold about 21% of all Dogecoin, owned by individuals seeking long-term profits.
At the time of writing, DOGE was trading at $0.165, up 14% and 16.3% in the daily and weekly timeframes.
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Market observers observed that the increase in Dogecoin price did not affect “dog-themed tokens,” and wallets holding significant Dogecoin are looking to sell their digital assets.
Featured image from CCN, chart from TradingView