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Investors got excited as Dogecoin experienced a big price increase in the last 24 hours following a huge campaign rally by presidential candidate Donald Trump, making it the best-performing cryptocurrency.
Dogecoin price surged after revelations that Tesla’s CEO was being considered to head a proposed division.
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Musk as government efficiency chief
Former US President Trump, who is hoping to return to the White House, announced that Tesla CEO Elon Musk will hold a key position in his administration after he emerges victorious in the upcoming elections. American elections.
Trump said Musk would head a proposed department to be called the Department of Government Efficiency, or DOGE for short, an acronym that resembles Dogecoin. The similarity observed by analysts boosted the prices.
pic.twitter.com/y0UCd5NvMj
– Elon Musk (@elonmusk) 28 October 2024
The Tesla CEO has been crisscrossing the country to support Trump in his bid for a second chance at the White House.
At a Trump rally in New York City over the weekend, Musk emphasized the benefits of the establishment of DOGE, pointing out that it would lead to huge savings for the US government, adding that the new department could reduce the annual US budget by as much as $2 trillion. .
But @realdonaldtrump , @JDVance Rally at Madison Square Garden!
– Elon Musk (@elonmusk) 27 October 2024
dogecoin price rally
Mention of DOGE planned at a Trump campaign sortie rekindled interest in the oldest meme asset.
The chart showed that the price of Dogecoin increased by almost 15% and traded at $0.157 as the crypto became the biggest gainer among the top 100 digital currencies by market cap.
According to CoinGecko, Dogecoin saw its price rise to $0.16 on Monday, its highest level since June.
The subtle rise in Dogecoin over the past few weeks coincides with Musk’s continued involvement in Trump’s quest to be re-elected as US President.
Following the recent firing incident against Trump, Dogecoin prices climbed to a level that is even higher than currently experienced in relation to DOGE.
DOGE price up in the last 24 hours. Source: Coingecko
A part of the coins are in the top wallet
Dogecoin could offer high liquidity and abundant centralized listings, analysts said, adding that the latest breakout pushed the coin’s volume to $2.5 billion.
He said the top wallets hold about 21% of all Dogecoin, owned by individuals looking for long-term profits.
At the time of writing, DOGE was trading at $0.165, up 14% and 16.3% on the daily and weekly time frames.
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Meanwhile, market observers observed that the rise in Dogecoin’s price had no impact on the “dog-themed token.”
He also noted that many wallets with enough Dogecoin are seen eager to dispose of their digital assets at any time.
Display image from CCN, chart from TradingView
