by KEY POINTS
- $DOGE is up 6.5% in the past 24 hours, despite a 2% decline in the past seven days
- The Tesla CEO has been posting throughout the day, including short snippets of his interview with Joe Rogan
- Dogecoin also climbed last week after Musk said his DOGE committee would cut $2 trillion from the US budget
Dogecoin rose on Sunday evening as Elon Musk continued to push for support for Donald Trump on social media, hours before US voters decide who will become the country’s 47th president.e president.
Data from CoinGecko shows that DOGE is up 6.5% in the past 24 hours, despite falling more than 2% in the past week.
Coin gecko
Musk posts non-stop during the Election Day countdown
The tech mogul posted non-stop to
He also shared a video ad posted by Trump in which a voiceover can be heard criticizing the “corrupt system” that supposedly fought back against the business mogul when he “gave power back to the people.”
He also reposted Maxim Magazine’s endorsement of Trump, with the magazine saying, “Maxim stands with Trump and Elon for freedom.”
The Tesla CEO’s continued social media rally appears to have affected the prices of his favorite memecoin, Dogecoin, just as it did last week, when Musk claimed at a Trump event that his Department of Government Efficiency (DOGE) would be “at least” Will save $2 trillion. from the US government’s national budget.
What is DOGE?
DOGE is the government department that Trump promised Musk will lead if he wins a second time. The said government agency will be in charge of auditing government expenditure to ensure that the budget ends up where it should be.
Trump has said that Musk himself proposed the idea of a government audit department, and for the former president, the tech titan is the perfect person to lead the new “committee” as Musk, who is the CEO of several other companies , ‘not very busy.’
Since the new department was announced by Trump in September, the SpaceX founder has criticized the outgoing administration’s handling of the U.S. budget, its response to inflation and several other aspects of government that he believes should have become more efficient managed.
Musk’s ability to move crypto markets
This isn’t the first time X Owner’s tweets have ‘moved’ crypto prices, and in one case it resulted in a lawsuit that was recently dismissed.
For example, in early 2021, Musk tweeted about DOGE, causing prices to increase by as much as 50%. At the time, he expressed his admiration for the world’s largest memecoin by market value and even said that his electric vehicle company will test-drive accepting Dogecoin as merchandise.
Musk has yet to officially confirm whether the future government unit’s name is a tribute to DOGE, but regardless of whether he confirms or denies it, the crypto community seems to believe the two are linked. Many DOGE holders have posted about the unofficial committee in the run-up to the election.
