Dogecoin prices rise 16.98% to $0.1242, owing to Elon Musk‘s backing and strong political activity.
Dogecoin’s price has experienced a significant increase over the past week, primarily driven by endorsements from Elon Musk.
This surge aligns with Musk’s active involvement in U.S. politics, especially his support for Donald Trump’s presidential campaign.
Musk shared a photo of himself with Trump and a Shiba Inu dog featuring the initials D.O.G.E, igniting excitement and speculation among investors.
Elon Musk Ignites Market Surge in Dogecoin Price Amid Political Buzz
In a recent post on the X platform, Musk shared an image that garnered substantial attention within the crypto community.
The post, which included the acronym D.O.G.E alongside imagery related to Dogecoin, has fueled the cryptocurrency’s rapid price rise. This move strategically enhances Musk’s visibility in both the tech and political spheres.
Furthermore, Musk’s inclusion of Trump and the Shiba Inu dog in his post symbolizes an endorsement of Dogecoin’s ethos and its potential significance in political discussions.
Recently, Musk referred to “Doge” as the mascot for his DOGE department role.
As Dogecoin continues to exhibit price volatility, the influence of such high-profile endorsements is crucial.
Analysts note that Musk’s ongoing public backing could maintain or even amplify Dogecoin’s trading momentum.
Donald Trump Vows to Appoint Elon Musk as National Cost Cutter
Musk’s endorsement of Dogecoin coincides with heightened political activity. During a recent rally in Michigan, Donald Trump expressed his intention to appoint Musk as a pivotal figure in government efficiency, focusing on cost-cutting initiatives.
This appointment aligns with Trump’s strategy to incorporate successful business leaders into his administration to promote economic reform.
This context adds layers of speculative interest surrounding Musk’s ventures, including his involvement in cryptocurrencies.
Additionally, Trump’s critiques of Vice President Kamala Harris’s immigration policies arose during her visit to the U.S.-Mexico border, echoing sentiments shared by other prominent figures like Robert Kiyosaki and Musk, who labeled Harris’s border policies as “deceptive” and “huge lies.”
Moreover, as the week concluded, the term “Dogefather” resurfaced, further boosting Dogecoin’s price rally. This nickname, which Musk has embraced, is directly associated with his advocacy for Dogecoin.
As of the latest update, Dogecoin’s price stands at $0.1242, reflecting a 16.98% increase over the past week.
The cryptocurrency’s market capitalization is approximately $18.57 billion, securing its position as the eighth-largest by market cap.
