Key Takeaways
- Elon Musk's introduction of D.O.G.E at a Trump rally led to a 10% increase in Dogecoin's value.
- Musk's campaign contributions are seen as a major influence on Dogecoin's market performance.
Dogecoin was up around 10% after Elon Musk unveiled his “Department of Government Efficiency” (D.O.G.E) during his first campaign swing for Trump across Pennsylvania on Thursday, CoinGecko data shows.
Pennsylvania is a crucial swing state where both 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 enhance the efficiency of government spending and streamline departments responsible for handling taxpayer funds. He suggested that the department could operate similarly to a corporate entity, implementing performance incentives and penalties.
The Tesla (NASDAQ:TSLA) and SpaceX CEO has publicly endorsed Trump following an assassination attempt targeting the former president in July. He has since become a major financial backer of Trump’s campaign.
Musk established a political action committee (PAC) named America PAC, into which he has poured over $70 million to support Trump and other Republican candidates ahead of the November elections.
Crypto investors suggest that a Trump victory could boost interest in Dogecoin among retail investors.
The dog-themed meme token has become one of the top-performing major crypto assets this week after rallying 25% over the past seven days. It briefly touched $0.135 on Thursday before cooling off, now trading at $0.134, its highest level since late July.