Dogecoin Soars After Elon Musk Announces D.O.G.E. Plans at Trump Rally

Dogecoin jumped after Elon Musk announced DOGE plans at Trump's meeting (Photo; Doc. U.Today)

JAKARTA - In the past few days, the price of Dogecoin (DOGE) has experienced a significant spike following Elon Musk's appearance at former President Donald Trump's New York City rally. The rally, which was held at Madison Square Garden.

The rally was not only a political stage, but also an arena for Musk to reveal his plans regarding the Department of Governmental Efficiency (D.O.G.E.)—an idea that has caught the attention of crypto enthusiasts and investors. Given Musk's long relationship with Dogecoin, it is not surprising that the plan has had a direct impact on the price of the coin that was originally created as a joke.

Dogecoin has now recorded a peak price of almost 0.16 US dollars (IDR 2,515) on Monday afternoon, October 28, a figure that has not been seen since early June. Currently, DOGE is at 0.157 US dollars (IDR 2,468), up almost 12% in a day, making it the best performing coin among the top 100 coins by market capitalization.

This surge is in line with Musk's support for Trump in his campaign for a second term. Trump even stated that Musk could get a prominent position in his administration if elected, with D.O.G.E. as a proposed department.

In the meeting, Musk explained how D.O.G.E. could save the US budget up to 2 trillion US dollars per year. This statement seemed to confirm the close relationship between Musk and Dogecoin, considering that the coin has become part of a larger financial and political narrative.

It is worth noting that Dogecoin currently ranks as the ninth largest crypto asset by market cap and operates on its own blockchain, similar to Bitcoin and Ethereum.

Since Trump and Musk announced this plan, DOGE has shown strong growth. Over the past few months, the coin has shown signs of improvement, but nothing compares to the surge that occurred after the meeting.

Analysts believe that investor interest in Dogecoin is likely to increase, especially with the support of big figures like Musk. Although the coin is still far from its 2021 high of $0.73 (IDR 11,475), the current price increase gives new hope to investors and Dogecoin enthusiasts.

Since Elon Musk started promoting Dogecoin on Twitter (now known as X) in 2020, the coin has become more than just a joke in the crypto world. With Musk's continued support, DOGE is now listed on many major crypto exchanges and has a rabid fan base.