Dogecoin news: DOGE to the moon? Elon Musk ignites massive rally

• Dogecoin surged 14.39% amid speculation linking it to Elon Musk and Trump’s campaign.
• Trump’s proposed D.O.G.E. department and Musk’s endorsement fuel excitement in the crypto market.

Dogecoin [DOGE], the popular dog-themed meme coin, has experienced a notable surge amidst the broader market upswing, recording a 14.39% increase in the past 24 hours.

This recent spike outpaces its weekly rise of 12.37% and underscores an even stronger monthly climb of 27.36% as per CoinMarketCap.

As a result, DOGE has now emerged as the best-performing cryptocurrency among the top 100 coins over the past day.

Reaching a high of nearly $0.16 on 28th October afternoon, Dogecoin hit its highest value since early June, signaling renewed enthusiasm as reported by CoinGecko.

Is Elon Musk behind Dogecoin making news?

However, a closer look reveals that DOGE’s recent price surge may once again be attributed to Tesla and SpaceX CEO Elon Musk.

Although Musk stepped back from his active promotion of cryptocurrencies following a federal lawsuit, he’s recently reentered the spotlight, endorsing former President Donald Trump’s campaign for a potential second term.

Interestingly, Trump has hinted at a possible role for Musk in his administration, should he win, overseeing a proposed Department of Governmental Efficiency (D.O.G.E.)—a name coincidentally mirroring Dogecoin’s ticker.

This unexpected link has reignited excitement and speculation around Dogecoin, fueling its price momentum.

At a highly publicized Trump rally held at Madison Square Garden on 27th October, Musk stirred controversy by advocating for the proposed D.O.G.E., suggesting that it could slash U.S. annual budget expenses by an astounding $2 trillion.

How did the crypto community react?

The crowd’s excitement was palpable as Musk outlined how the D.O.G.E. initiative could usher in substantial cost savings.

Later, Musk added to the buzz by sharing a meme featuring himself with the Dogecoin avatar on social media, further fueling the coin’s popularity. 

Source: Elon Musk/X

Remarking on the same, in a message on Telegram, Paul Howard, senior director at crypto trading firm Wincent, said, 

“It’s a play on Trump’s popularity.” 

He added, 

“DOGE is now being closely tied to the U.S. presidential outcome by virtue of its popularity with [Elon] Musk.

For those unaware, Musk had earlier demonstrated his backing by donning a unique ‘Make America Great Again’ cap and dubbing himself ‘Dark MAGA,’.

Back then, this lead to a remarkable 20% surge in MAGA’s price and an astounding 227% increase in Dark MAGA (DMAGA), which reached approximately $0.0073.

Thus, as the election nears, the link between politics and crypto has grown stronger, with Trump emerging as a significant contender for the title of “crypto president.”

In fact, MicroStrategy founder Michael Saylor even fueled this speculation, questioning whether Trump or Kamala Harris might be the more favorable candidate for Bitcoin’s future.

Therefore, with just days until the election and Polymarket trends favoring Trump, attention has turned to the potential impact on the cryptocurrency landscape and market reactions.