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Dogecoin jumps 6.8% after Musk’s mention at town hall

Dogecoin jumps 6.8% after Musk’s mention at town hall

GrafaGrafa2024/10/18 07:10
By:Mahathir Bayena

Dogecoin (CRYPTO:DOGE) surged by over 6.8% on Thursday, reaching $0.13, after Tesla CEO Elon Musk briefly mentioned the meme coin during a town hall event in Pennsylvania. 

When asked if he would lead a “Department of Government Efficiency,” Musk responded with a smile, “Yeah, Doge,” which drew cheers from the audience. 

This comment sparked excitement within the Dogecoin community, which has often seen the coin’s value rise following Musk’s public remarks. 

According to CoinGecko, Dogecoin’s market capitalization increased to $19.3 billion after the mention.

The event, held at Ridley High School, was part of Musk’s ongoing support for former President Donald Trump’s 2024 presidential campaign. 

Musk has contributed over $70 million through America PAC, a Super PAC supporting Trump, solidifying his influence in political circles and among crypto enthusiasts.

This Dogecoin rally follows Musk’s endorsement of Trump’s proposal for a government efficiency commission, which would conduct financial audits of federal departments. 

Musk described it as an opportunity to unlock “tremendous prosperity for America,” aligning with his ongoing public support for Dogecoin.

This is not the first time Dogecoin has experienced gains following Musk’s comments. 

Earlier in the week, the coin’s price rose after Musk tweeted, “D.O.G.E. will fix it,” in response to a SpaceX launch delay, with the acronym often seen as a playful nod to the cryptocurrency. 

Although Dogecoin remains 80% below its all-time high in 2021, the token continues to rally on Musk’s statements, showing its sustained relevance in the crypto world.

At the time of writing, the Dogecoin (DOGE) price was $0.1336.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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