FxNews—Dogecoin (DOGE), a cryptocurrency featuring a dog mascot, has seen a significant 14.39% increase in value over the last 24 hours. According to CoinMarketCap, this jump is higher than its 12.37% increase over the past week and a substantial 27.36% rise over the month.
As of this writing, Dogecoin trades at approximately $0.166 and is the top performer among the 100 leading cryptocurrencies in daily gains.
Elon Musk Backs Trump and Stirs Crypto Rumors
Speculation around Elon Musk’s involvement with Dogecoin has resurfaced. Although Musk had reduced his active support of cryptocurrencies after a legal challenge, he’s back in the news. He recently endorsed former President Donald Trump’s reelection bid, sparking rumors of his political involvement.
Trump has hinted that Musk might play a role in a potential new government department humorously shortened as D.O.G.E., reflecting Dogecoin’s symbol. This correlation has sparked speculation about Dogecoin’s prospects, boosting its market value.
Musk Suggests D.O.G.E. Department to Save $2 Trillion
At a recent Trump rally in Madison Square Garden on October 27th, Musk proposed the D.O.G.E. department, claiming it could cut the U.S. budget by $2 trillion annually. The cryptocurrency community reacted when Musk shared a meme linking him with Dogecoin, heightening the coin’s appeal.
Paul Howard, a senior director at Wincent, commented on Musk’s support in a post on Telegram, noting a past incident in which Musk’s endorsement led to significant price surges in related cryptocurrencies.
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As the election approaches, the intertwining of politics and cryptocurrency is becoming more evident. Trump is increasingly viewed as a key figure in cryptocurrency advocacy.