Dogecoin Soars Amid Elon Musk’s Rally Support for Trump

The price of Dogecoin (DOGE) has seen a notable rise of 7% in the past 24 hours and an impressive 22% increase over the last week. This surge comes as Tesla (TSLA) CEO Elon Musk promotes the digital currency at campaign rallies with U.S. presidential candidate Donald Trump.

Currently, Dogecoin is trading at $0.13, marking its highest level since July. Notably, DOGE has surpassed all other cryptocurrencies in percentage gains this past week. This rally closely follows Musk’s appearances at rallies with Trump across key battleground states like Pennsylvania.

Musk’s Vision for a New Department

During these political events, Musk has been discussing his idea to create a new Department of Government Efficiency, abbreviated as D.O.G.E., should Trump win a second term. Musk asserts that this department aims to enhance the efficiency of government spending using taxpayer money.

Many crypto enthusiasts believe that a Trump win could intensify interest in Dogecoin, possibly sparking greater retail investment. Musk has a history of supporting Dogecoin, previously aiding its rise to an all-time high of $0.64 in 2021.

It’s important to remember that Dogecoin started as a joke and lacks any real utility. Its branding features a cartoon dog, which has led analysts to label it as a memecoin. This year, Dogecoin’s price has increased by 40%.

Should You Consider Buying DOGE?

While there are no specific ratings or price targets for Dogecoin like there are for stocks, current sentiment appears favorable. The chart below illustrates a bullish outlook, suggesting that the price may continue to rise in the near future.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.