Dogecoin surged 10% as Elon Musk unveiled the DOGE initiative for Trump’s first campaign campaign.
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Elon Musk's introduction of DOGE at Trump rally causes Dogecoin price to rise 10%. Musk's campaign contributions are considered a major influence on Dogecoin's market performance.
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Dogecoin surged nearly 10% after Elon Musk unveiled a “Department of Government Efficiency” (DOGE) during Trump's primary campaign rally in Pennsylvania on Thursday, according to data from CoinGecko.
Pennsylvania is a crucial swing state where both Republican and Democratic forces are closely balanced. The event was part of Musk's broader strategy to rally Republican voters in battleground states by encouraging early voting.
Musk's proposed department aims to increase efficiency in government spending and streamline departments responsible for managing taxpayer funds. He suggested that the department should act in the same manner as the corporate body by implementing performance incentives and penalties.
Following the assassination attempt on the former president in July, the CEOs of Tesla and SpaceX publicly endorsed Trump. They have since become a major funder of the Trump campaign.
Mook founded America PAC, a political action committee (PAC), which poured more than $70 million into supporting Trump and other Republican candidates ahead of the November election.
Crypto investors suggest that Trump's victory could increase demand for Dogecoin among retail investors.
The dog-themed meme token has become one of the top performing crypto assets this week after rallying 25% in the past seven days. It briefly touched $0.135 on Thursday before the freeze, now trading at $0.134, its highest level since late July.
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