Key takeaways
- Elon Musk’s introduction of DOGE at a Trump rally led to a 10% increase in the value of Dogecoin.
- Musk’s campaign contributions are considered a major influence on Dogecoin’s market performance.
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Dogecoin rose about 10% after Elon Musk unveiled his “Department of Government Efficiency” (DOGE) on Thursday during his first campaign run for Trump in Pennsylvania, according to CoinGecko data.
Pennsylvania is a swing state where Republican and Democratic powers are closely balanced. The event was part of Musk’s broader strategy to mobilize Republican voters in battleground states by encouraging early voting.
Musk’s proposed department aims to improve the efficiency of government spending and streamline departments responsible for managing taxpayer funds. He suggested the ministry could operate in the same way as a corporate entity, implementing performance incentives and penalties.
The CEO of Tesla and SpaceX publicly supported Trump following an assassination attempt on the former president in July. He has since become a major donor to the Trump campaign.
Musk created a political action committee (PAC) called America PAC, in which he invested more than $70 million to support Trump and other Republican candidates ahead of the November election.
Crypto investors suggest that a Trump victory could boost interest in Dogecoin among retail investors.
The dog-themed meme token became one of the top performing crypto assets this week after rising 25% over the past seven days. It briefly touched $0.135 on Thursday before calming down, now trading at $0.134, its highest level since late July.
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