Dogecoin Price Rallies 16% In One Week Amid Elon Musk Support

Dogecoin price has seen a notable surge over the past week, largely influenced by endorsements from Elon Musk. The spike in value coincides with Musk’s active participation in the U.S. political scene, particularly his support for Donald Trump’s presidential campaign. Musk posted a picture of him, Trump, and the Shiba Inu dog with the D.O.G.E initials, sparking market rally amid investor excitements and speculations.

Elon Musk Ignites Market Surge in Dogecoin Price Amid Political Buzz

In a recent post on X platform, Elon Musk shared an image that has stirred considerable attention in the crypto community. The post, which featured the acronym D.O.G.E along with imagery associated with Dogecoin, has contributed to the crypto’s rapid price increase. This movement is a strategic enhancement of Musk’s visibility in both the technological and political arenas.

More so, the inclusion of President Donald Trump and the Shiba Inu dog in Musk’s post suggests a symbolic endorsement of Dogecoin’s ethos and its potential role in political narratives. Most recently Elon Musk named “Doge” the mascot for his DOGE department role.

As Dogecoin price continues to experience volatility, the impact of such high-profile endorsements cannot be underestimated. Analysts observe that Musk’s continued public support could sustain or even increase the trading momentum of Dogecoin.

Donald Trump Vows to Appoint Elon Musk as National Cost Cutter

The timing of Musk’s Dogecoin endorsement coincides with a flurry of political activity. Donald Trump, during recent Michigan rally, highlighted his intention to appoint Musk as a key figure in government efficiency, focusing on cost-cutting measures. 

This appointment is part of Trump’s strategy to integrate successful business figures into his administration to drive economic reform. Additionally, this has added layers of speculative interest around Musk’s ventures, including his involvement with cryptocurrencies.

Moreover, Trump’s criticisms of Vice President Kamala Harris’s immigration policies came amid her visit to the US-Mexico border. Concurrently, the criticism was shared across by many key public figures such as Robert Kiyosaki and Elon. The Tesla CEO called Kamala Harris’s border policies as deceptive and huge lies.

In addition, towards the end of the week, the term “Dogefather” resurfaced, further sparking DOGE price rally. This nickname, which Musk has embraced, is directly linked to him in the context of his advocacy for Dogecoin. 

At the time of writing, Dogecoin price is at $0.1242, reflecting a 16.98% increase over the past seven days. The cryptocurrency’s market capitalization now stands at approximately $18.57 billion, securing its position as the eighth largest by market cap.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.