Dogecoin (DOGE) rallied in value late Thursday after Tesla CEO and billionaire Elon Musk briefly mentioned the name of the meme coin during a town hall meeting in Folsom, Pennsylvania on Thursday.
During the event at Ridley High School, Participant he asked Musk to lead new “government efficiency department” Musk grinned, “Yeah, doge,” prompting cheers and applause from the crowd.
DogecoinThe price has risen to $0.13 and is up more than 6.8% in the last 24 hours. The market capitalization also increased to 19.3 billion dollars. CoinGecko data.
Musk's mention of Dogecoin wasn't completely out of the blue—it comes just weeks after Trump launched a new initiative to cut what he and Musk see as government waste.
In September, Trump proposed that The Efficiency Commission, chaired by Musk, has been tasked with conducting a financial and performance audit of the entire federal government.
Musk has publicly backed the idea. Calling It's an opportunity to unlock “Greater Prosperity for America.”
The Doge community interpreted Musk's playful comments as another subtle endorsement of the coin, which has often been picked up after public statements.
Over the past seven days, DOGE has gained about 22.9%, making Meme Coin the top performer among the ten largest cryptos by market capitalization.
Musk attended an event organized by Trump's America PAC to promote voter registration in the city of Philadelphia ahead of the 2024 presidential election.
The billionaire's involvement in the Trump campaign is beyond public approval. Through America PAC, a super PAC supporting Trump and other Republican candidates, Musk has given more than $70 million to fundraising efforts ahead of the 2024 election.
Dogecoin's rally suggests the meme coin's continued sensitivity to Musk's public statements, as seen earlier in the week. He tweeted.“The DOGE fixes it,” in Response In his decision to block a SpaceX launch to California.
While the tweet appeared to refer to a much-talked-about episode of government inefficiency, the market saw it as a deliberate connection between Musk's joke and DOGE.
Created as a joke for parody Bitcoin In the year In 2013, Dogecoin grew into a top-ten crypto by market cap, spawning iconic memes in the crypto community.
Although Memcoin is down more than 80% from its 2021 peak, Musk's support has given it staying power, Memcoin has rallied frequently after tweets and public comments.
Edited by Sebastian Sinclair.
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