Dogecoin Jumps 9% to $0.14 After Elon Musk’s Town Hall Talk

Dogecoin Soars 9% on Elon Musk's "D.O.G.E." Remark

Dogecoin (DOGE) has surged 9% to $0.14 over the past 24 hours, pushing its market capitalization to $20 billion. This rally was triggered by Elon Musk's comments during a town hall event in Folsom, Pennsylvania.

Responding to a question about his proposed "Department of Government Efficiency," Musk quipped, "Yeah, D.O.G.E.," to the amusement of the crowd. The remark sent Dogecoin's price soaring on social media platforms.

Musk's support for Dogecoin has a well-established history of moving its price. He has frequently endorsed the memecoin, attracting both praise and legal challenges. A class action lawsuit alleging a pump-and-dump scheme was dismissed in August, exonerating Musk of any wrongdoing.

Dogecoin's all-time high was $88 billion in May 2021, boosted in part by Musk's appearances, including a memorable "Saturday Night Live" sketch where he proclaimed himself the "dogefather."

Following Musk's latest comments, Dogecoin's market capitalization reached $20 billion. Its performance outpaced Bitcoin, which gained only 3%, indicating strong investor interest.

This surge coincides with the belief among some crypto enthusiasts that a potential Trump presidency could result in favorable regulations for cryptocurrencies, potentially driving market prices higher.

Dogecoin has experienced significant price fluctuations in the past. It plunged to as low as $0.05 in late 2023 but recovered to $0.22 in March. However, concerns over rising interest rates led to a 10% decline in June.

With its recent recovery and Musk's rekindled interest, many are closely watching Dogecoin's trajectory to see how far it can ascend in the coming days.