In summary
- Dogecoin continues its rise and is now the best performing Cryptocurrency among the top 100 coins in the last 24 hours.
- The original meme cryptocurrency hit a high price of nearly $0.16 on Monday afternoon, marking a nearly five-month high.
- Dogecoin’s rise comes as Elon Musk, CEO of Tesla and SpaceX, becomes more involved in the presidential campaign of Donald Trump, who has suggested that Musk could run a department called the Department of Government Efficiency (DOGE).
Dogecoin continues its rise, and is now the best performing cryptocurrency among the top 100 coins in the last 24 hours.
The original meme cryptocurrency hit a high price of nearly $0.16 on Monday afternoon, according to CoinGecko, marking a nearly five-month high after hitting that price in early June.
Slightly below that peak, DOGE is now up almost 12% on the day to a current price of $0.157, making it the biggest gainer in the top 100 cryptocurrencies by market cap.
The gradual escalation of the first dog coin comes as Elon Musk, CEO of Tesla and SpaceX and the richest man in the world, becomes more involved in Donald Trump’s presidential campaign.
Musk is backing former US President Trump in his quest for a second term, and Trump has said Musk could have a government job if he wins next week. Trump says Musk would run a department called the Department of Government Efficiency (DOGE)—an acronym that happens to be the same as Dogecoin’s ticker.
Given Musk’s long association with Dogecoin (DOGE), it’s probably not a coincidence. And on Sunday, at a massive and controversial Trump rally in New York City’s Madison Square Garden, Musk talked about how DOGE could save the U.S. a lot of money. He estimated that the department could cut $2 trillion from the annual budget. from USA
The asset has risen since the event, reaching even higher levels than in recent weeks, when Musk’s references to DOGE have apparently helped boost the coin.
Dogecoin is the ninth largest cryptocurrency by market capitalization. It runs on its own Blockchain, just like Bitcoin and Ethereum, although it was originally created as a joke.
However, it became much more serious for investors in 2020 and during the 2021 bull rally, when Musk began promoting the coin on Twitter, which he has since purchased and renamed X.
DOGE is now listed on many major cryptocurrency exchanges and maintains a fervent base of followers and investors, but it still has a long way to go before returning to its all-time high price of $0.73 reached in 2021.
Edited by Andrew Hayward
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