Dogecoin Price Surges 10% As Elon Musk Briefly Mentions Memecoin At Trump’s Pennsylvania Campaign ⋆ ZyCrypto

The price of Bitcoin (BTC) may be up today, but the biggest winner is the original meme coin Dogecoin (DOGE). And the reason, it appears, is self-proclaimed Dogefather Elon Musk.

According to CoinGecko data, Dogecoin’s price has surged by over 10.5% over the past 24 hours. It now stands at $0.1349. Over the past seven days, DOGE has jumped by around 24.7%, making it the best-performing cryptocurrency among the top 40 largest cryptocurrencies by market capitalization.

Dogecoin Jumps On Musk’s Introduction Of D.O.G.E At A Trump Rally

Billionaire tech entrepreneur Musk further shared plans for his proposed “Department of Government Efficiency”, abbreviated as D.O.G.E, at a Pennsylvania town hall on Thursday.

When asked by an attendee during the event whether he would helm the Department of Government Efficiency, the Tesla/SpaceX CEO replied with a cheerful smirk, “Yeah, Doge,” prompting a loud applause from the crowd. 

Musk’s playful mention of Dogecoin wasn’t entirely out of the blue — it came just weeks after former president Donald Trump floated a new initiative for reducing what he and the centibillionaire view as governmental waste. Trump has previously said he would tap Musk to head the much-touted government efficiency department if he wins the second term as president of the United States.  

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However, DOGE investors may have interpreted Musk’s remark as another subtle endorsement of the canine-themed token, whose value has often rocketed after his public comments.

It’s also not the first time he’s made a deliberate connection between the proposed agency name and the DOGE cryptocurrency.

Created as a parody of Bitcoin in 2013, Dogecoin has since evolved into a top-ten crypto by market value with a fervent user base, thanks in large part to Elon Musk. Back in 2021, the X owner revealed he was working with Dogecoin developers to improve the cryptocurrency so it could beat Bitcoin hands down.

While the meme coin remains down over 80% from its peak 2021 price, Musk’s support has given it staying power, perhaps driven by discussions on X and expectations of a larger endorsement by the eccentric CEO in the coming months.