In recent weeks, Elon Musk has shifted from providing economic support to Donald Trump’s presidential candidacy to playing a leading role by appearing on the stages of the candidate’s rallies during the election cycle.

The latest of these took place this weekend in Folsom, Pennsylvania, where the millionaire managed to skyrocket the price of Dogecoin, one of his favorite cryptocurrencies, by simply saying its name during his speech. The most interesting thing was that the millionaire did not actually mention him.

Confusion: DOGE. The millionaire answered some participants’ questions after Trump’s intervention in the election rally. One of them asked him about Trump’s proposal to put Musk in charge of a “Department of Government Efficiency” that would be responsible for conducting a full audit of the federal government and recommending reforms. BBC.

When asked the question, Elon Musk gave a short answer in the style he offered in his messages on the social network X: “Yes, DOGE.” The response was welcomed by viewers, and as exclusive analysis revealed, the cryptocurrency soared almost immediately.

DOGE is not Dogecoin. In fact, Elon Musk’s answer to the question about his prescription for optimizing the structure of the Government memecoin. The millionaire was talking about the acronym DOGE’Department of Public Efficiency‘, or the Department of Government Efficiency, is the descriptive name of the department Trump will supposedly lead if he manages to reach the White House.

Price is increasing rapidly. The mention of the cryptocurrency’s name by a voice as influential as Elon Musk was enough for investors to rush to buy it, with its price rising by up to 15% in just 24 hours and a 22.09% increase already recorded. , accordingly Trading View.

With this increase, Dogecoin rose from the price of $0.11 at the time of publication to $0.14, cementing itself as the eighth largest cryptocurrency in the world and its market cap rising to $20,000 million after Elon Musk. appointed him.

This isn’t the first time this has happened. The relationship between Elon Musk and Dogecoin is not new. In 2021, the millionaire posted a message on his X (later Twitter) profile announcing that he was working with Dogecoin developers to improve transaction efficiency. The response was immediate and its price rose rapidly, as it did last weekend.

In 2022, investors filed a lawsuit against Elon Musk and his companies, accusing them of manipulating the Dogecoin pyramid scheme for their own benefit via Twitter messages. The plaintiffs were seeking $258 billion. The court ultimately dismissed the case in August 2024.

Musk’s favorite crypto. Beyond accusations that its price was deliberately manipulated, the tech millionaire’s involvement with cryptocurrency plays out in many other areas as well.

Elon Musk even replaced the X symbol in 2023 with a Shiba Inu image representing Dogecoin as a nod to its community. Additionally, SpaceX took the DOGE-1 satellite to the moon, which was financed with Dogecoin and whose distribution was paid to SpaceX in this cryptocurrency.

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