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Investors got excited as Dogecoin experienced a major price surge, making it the best-performing cryptocurrency in the past 24 hours following a huge campaign rally by presidential candidate Donald Trump.
Dogecoin’s price spiked after the revelation that Tesla’s CEO is being considered as the head of a proposed department.
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Musk as government efficiency chief
Former US President Trump, who is eyeing a comeback to the White House, has announced that Tesla CEO Elon Musk will take on a key position in his administration once he emerges triumphant. American elections.
Trump said Musk would head a proposed department called the Department of Governmental Efficiency, or DOGE for short, an acronym that bears a similarity to Dogecoin. A similarity that analysts saw led to the price rally.
— Elon Musk (@elonmusk) October 28, 2024
The Tesla CEO is making the rounds around the country to support Trump in his quest for a second chance at the White House.
At a Trump rally in New York City last weekend, Musk highlighted the benefits of creating DOGE. He explained that this would mean huge savings for the US government, saying the new department could reduce the annual US budget by $2 trillion.
At the @realDonaldTrump / @JDVance meeting at Madison Square Garden!
https://t.co/gEcj39mXIp— Elon Musk (@elonmusk) October 27, 2024
Dogecoin price rally
The mention of the planned DOGE on a Trump campaign flight reignited interest in the oldest meme item.
Charts showed Dogecoin’s price rising nearly 15% to trade at $0.157 as the crypto becomes the biggest gainer among the top 100 digital currencies by market capitalization.
According to CoinGecko, Dogecoin staged a price rally from $0.16 on Monday, its highest level since June.
Dogecoin’s subtle rise in recent weeks has coincided with Musk’s continued involvement in Trump’s quest to be re-elected as US president.
After the recent shooting incident against Trump, Dogecoin prices have risen to levels even higher than what it is currently experiencing in relation to DOGE
DOGE price up in the last 24 hours. Source: Coingecko
Some of the coins are in the upper wallets
Analysts said Dogecoin can offer higher liquidity and abundant centralized listings, and said the latest breakout pushed the coin’s volume to $2.5 billion.
They said top portfolios hold about 21% of all Dogecoin, which is owned by individuals looking for long-term profits.
At the time of writing, DOGE was trading at $0.165, up 14% and 16.3% in the daily and weekly time frames.
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Meanwhile, market observers noted that Dogecoin’s price hike won’t affect dog-themed tokens.
They also noted that several wallets with significant Dogecoin are eager to offload their digital assets at any time.
Featured image from CCN, chart from TradingView