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Musk strikes again! DOGE coin pumps 12%, hitting a 5-month high. Will it continue to rise?
The price of DOGE has risen after Musk shared the D.O.G.E. plan at Trump's rally.
Trump's rally in New York City has made headlines, while Musk's appearance has apparently catalyzed the latest surge of DOGE.
DOGE coin continues to rise - in the past 24 hours, it has become the best-performing currency among the top 100 cryptocurrencies.
According to the data from CoinGecko, the price of this original emoticon coin reached nearly $0.16 on Monday afternoon, reaching its highest price in nearly five months, and last touched that price in early June.
Compared to this peak, $DOGE has fallen slightly, with the current price at $0.157, a nearly 12% increase throughout the day, making it the cryptocurrency with the highest increase in market cap among the top 100 cryptocurrencies.
The gradual rise of the first shitcoin coincides with Tesla and SpaceX CEO, the world's richest man, Musk's deeper involvement in Trump's presidential campaign.
Image source: CoinGecko
During the process of seeking re-election, Musk expressed support for former US President Trump, who in turn stated that if he wins the election next week, Musk may hold a position in the government. Trump mentioned that Musk would be in charge of a department called the Department of Governmental Efficiency (D.O.G.E.), and this abbreviation happens to be the same as the trading code for shitcoin ($DOGE).
Considering Musk's long-standing relationship with Dogecoin ($DOGE), this may not be a coincidence. At a large and controversial Trump rally held in Madison Square Garden in New York City on Sunday, Musk talked about how D.O.G.E. could save the United States a lot of money. He estimated that such a department could reduce the U.S. budget by $2 trillion annually.
Image source: X
Since the incident, the asset has continued to rise, even surpassing the surge in the past few weeks after Musk mentioned D.O.G.E., apparently these mentions have helped drive up the price of the coin.
DOGE is the ninth largest Cryptocurrency by Market Cap. It operates on its own Block on-chain—similar to BTC and Ethereum—originally created as a joke.
However, during the bull markets in 2020 and 2021, it became more serious for investors, when Musk started promoting the coin on Twitter, and later bought Twitter and renamed it X.
$DOGE is currently listed on many major cryptocurrency exchanges and retains a passionate fan base and investors, but it still has a long way to go before returning to its all-time high of $0.73 set in 2021.
Disclaimer: This article does not constitute investment advice. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific circumstances and comply with relevant laws and regulations in their country or region.
This article is authorized to be reproduced from: 'MarsBit'
Original author: Mat Di Salvo