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Investors rejoiced as Dogecoin experienced a significant price increase making it the best performing cryptocurrency in the past 24 hours after a major campaign rally by presidential candidate Donald Trump.
Dogecoin’s price rose following the revelation that Tesla’s CEO is being considered as the head of the proposed department.
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Musk as Chief Operating Officer
Former American president Trump, who is looking forward to the return of the White House, announced that Tesla CEO Elon Musk will hold an important position in his administration if he wins the next American election.
Trump said Musk would head a proposed department called the Department of Government Operations or DOGE for short, an acronym similar to Dogecoin. Similar analysis observed caused the price rally.
– Elon Musk (@elonmusk) October 28, 2024
The Tesla CEO has been traveling the country to support Trump in his efforts to get a second chance at the White House.
At Trump’s meeting in New York City at the weekend, Musk emphasized the benefits of establishing the DOGE He explained that it will generate a lot of money for the US government, saying that the new department could reduce the annual US budget by $ 2 trillion.
in @realDonaldTrump / @JDVance rally at Madison Square Garden!
– Elon Musk (@elonmusk) October 27, 2024
Dogecoin Price Rally
Talk of a planned DOGE in the Trump campaign has rekindled interest in the old meme property.
Charts showed that the price of Dogecoin has increased by almost 15% and is trading at $0,157 as the crypto becomes the biggest gainer among the top 100 digital currencies by market cap.
According to CoinGecko, Dogecoin is facing a price rally hitting $0.16 on Monday, the highest since June.
Dogecoin’s subtle rise over the past few weeks coincides with Musk’s continued involvement in Trump’s bid to be re-elected US president.
After the recent spat with Trump, Dogecoin’s price has risen to a much higher level than it is currently experiencing in terms of DOGE.
DOGE price up in the last 24 hours. Source: Coingecko
Part of the Ammunition is in Top Bags
Analysts say that Dogecoin could provide higher liquidity and more central listings, saying that the latest outflow pushed the coin’s volume to $2.5 billion.
They said the top wallets hold about 21% of all Dogecoin, which are held by people 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 periods.
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Meanwhile, market watchers have noted that the Dogecoin price increase has no effect on “tokens with dog breeds”.
They also noted that several wallets with large Dogecoin seem willing to dump their digital assets at any time.
Featured image from CCN, chart from TradingView