Dogecoin (DOGE) has jumped 9% to $0.14 in the last 24 hours, bringing its market cap to $20 billion. This surge was sparked by comments from Elon Musk during a town hall meeting in Folsom, Pennsylvania.
Musk promoted Donald Trump’s presidential candidacy when an audience member asked about his idea for a “Department of Government Efficiency.” Musk cleverly replied, “Yeah, D.O.G.E.,” which drew cheers from the crowd and sent Dogecoin’s price skyrocketing on social media.
Musk’s support for Dogecoin has a history of influencing its price. He has often promoted the memecoin, leading to both praise and legal challenges. A class action lawsuit accusing him of a pump-and-dump scheme was dismissed in August, clearing him of any wrongdoing.
The cryptocurrency reached an all-time high of $88 billion in market cap back in May 2021, partly due to Musk’s appearances, including a notable “Saturday Night Live” sketch where he dubbed himself the “dogefather.”
Following Musk’s latest comments, Dogecoin’s market cap rose to $20 billion. The coin outperformed Bitcoin, which increased by only 3%, reflecting strong interest from investors.
This recent surge comes as many crypto enthusiasts believe that a Trump presidency could lead to friendlier regulations for cryptocurrencies, potentially boosting prices across the market.
In the past, Dogecoin has experienced significant price swings. It fell to lows of $0.05 in late 2023 before rebounding to $0.22 in March. However, in June, concerns over rising interest rates caused Dogecoin to drop 10%.
Since then, it has stabilized around $0.10. With Musk’s recent comments reigniting interest, many are watching closely to see how far Dogecoin can rise in the coming days.
Also Read: Elon Musk’s Tesla Moves $760M in Bitcoin After Two Years
