Memecoin “D.O.G.E” pump 150% thanks to Elon Musk and Trump

Key Points:

• Elon Musk’s support of Trump’s campaign and his “Department of Government Efficiency” (D.O.G.E) plan has sparked a surge in the related memecoin.
• The D.O.G.E token has experienced a price spike of over 155% in the past 24 hours, driven by viral media and growing investor interest.

Elon Musk’s plan to cut $2 trillion from the U.S. budget under the D.O.G.E initiative, revealed during Trump’s campaign rally, has inadvertently boosted a memecoin of the same name.

D.O.G.E Memecoin Surges Amid Trump’s Presidential Win

The recent victory of Donald Trump as the 47th President of the United States has dominated social media channels. However, the electoral success of President Trump was notably aided by Elon Musk, who not only leveraged the influence of his platform, X, but also appeared at a Trump campaign rally in New York at the end of October.

During the rally, Elon Musk publicly supported Trump’s campaign and unveiled his proposal to slash up to $2 trillion from the annual U.S. budget through a new initiative called the “Department of Government Efficiency,” abbreviated as D.O.G.E.

This D.O.G.E initiative quickly drew attention due to its acronym matching the popular cryptocurrency Dogecoin (ticker: DOGE). Since then, several new memecoins inspired by this proposal have emerged, ranging from those only a few months old to those created just days ago.

One standout among these is a memecoin also named DOGE, inspired by the plan, with the full project title “Department Of Government Efficiency.” This token has seen a price spike of more than 155% in the past 24 hours alone.

According to data from CoinMarketCap, the DOGE token’s upward momentum began in early September 2024, right after Donald Trump appointed Elon Musk to a significant role in the White House, further fueling interest in the token.

Currently trading at around $0.18, this DOGE token has recorded an astounding increase of 48.252%, delivering nearly 1.000x returns since its initial listing in late August 2024.

The recent 155% price jump in the last 24 hours can be attributed to a new product launch on the official website of the 47th President of the United States: a T-shirt emblazoned with the word “DOGE,” accompanied by the full phrase “Department of Government Efficiency.”

Musk’s Influence Fuels Dogecoin Hype Yet Again

Elon Musk’s “shilling” Dogecoin is nothing new, but his appearance at Trump’s rally with the D.O.G.E plan has reignited excitement around related tokens. The crypto community has even playfully dubbed Musk as the “Trump Indicator” in recent weeks.

Musk’s actions have frequently driven up the price of Dogecoin. Examples include hinting that Tesla might accept Dogecoin payments in a viral X video, adding Dogecoin as a payment option for certain products, and even replacing X’s iconic blue bird logo with the Shiba Inu mascot representing Dogecoin.

With the media clout from Elon Musk’s platform X, combined with Donald Trump’s victory — a crypto-friendly President — market observers are speculating that related tokens featuring the keyword “DOGE” might see further gains in the coming months.

Renowned crypto trader @theunipcs commented, “There will be a media frenzy around Elon and D.O.G.E,” noting that “Musk’s strong support for Trump and the narrative of the Department of Government Efficiency” were likely decisive factors in the U.S. Presidential election outcome.