Dogecoin Jumps 11% as Elon Musk Donates $75M to Back Trump

Billionaire Elon Musk has made a significant move in the U.S. presidential race, donating nearly $75 million to the America PAC, a pro-Republican group backing Donald Trump.

This large donation places Musk among the top donors supporting Trump's reelection campaign. The America PAC, created to promote candidates who champion key issues like secure borders, free speech, and self-protection, has already spent over $96 million to boost Trump's chances in the 2024 race, according to OpenSecrets.

Dogecoin Surges 11% Amid Musk's Political Moves

Dogecoin (DOGE), a cryptocurrency closely associated with Elon Musk, has seen a sharp price increase amid the billionaire's political engagement.

Dogecoin remains resilient amid a broader crypto selloff, trading at $0.125, up 11% in the last 24 hours and 25% over the past month. Trading volume surged by over 50% within the same period, indicating heightened investor interest.

In the derivatives market, DOGE futures also saw a significant uptick, climbing 22% in just four hours, with total open interest reaching a high of $758.41 million.

Rising Hopes for Department of Government Efficiency

Elon Musk has been actively campaigning for Donald Trump in Pennsylvania, giving a series of talks as part of his America PAC's petition for free speech.

His appearances at Trump rallies have significantly boosted Trump's odds, with Polymarket data showing Trump now leading Kamala Harris by 17% in the state. Musk plans to continue campaigning in Pennsylvania through Monday.

A major highlight of Musk's speeches has been the proposed Department of Government Efficiency (DOGE), which advocates for streamlined government spending and free speech. This initiative has resonated with the Dogecoin community, fueling speculation that if Trump wins, Musk could take a key role, potentially driving DOGE's price to $1.

In a related move, Musk's company Tesla transferred $760 million in Bitcoin from its public wallet, marking its first BTC transaction in two years. Likely for security reasons, the assets were spread across several cold wallets for enhanced protection. This action highlights Musk's ongoing influence in both cryptocurrency and politics.