With President Trump taking back the White House, tech billionaire Elon Musk is almost certain to play a central role in the next administration. As crypto markets rallied on the news, one of the tokens that benefited the most was Musk’s favorite cryptocurrency, Dogecoin, which soared 24% as the Republican candidate moved closer to victory.
At a victory celebration in West Palm Beach, Trump spent four minutes of his 26-minute speech praising Musk as a “special person” and a “new star.”
“He’s a super genius. We have to protect our geniuses. There aren’t that many,” President-elect Trump said.
The Shibaina-themed meme coin, often associated with Musk, soared early Wednesday morning, trading at $0.20, its highest price since April. It settled at around $0.19 on Thursday, a significant increase from a year ago when Dogecoin traded as low as $0.07.
Mr. Musk, a vocal supporter of Republican candidates who has donated more than $118 million to campaigns and attended many of his rallies wearing a “dark MAGA” hat, is Mr. Trump’s most powerful He will be one of your allies.
Dogecoin enthusiasts see Trump’s victory as a major victory for the memecoin. That means there will likely be more news about Musk and his proposed Department of Government Efficiency. The acronym Dogecoin clearly pays homage to Dogecoin.
playing cards said During his campaign, he told Musk he would appoint him to head a new division at DOGE that would oversee government spending and eliminate “fraud and improper payments.”
Asked about the agency at a Pennsylvania town hall campaign event, Musk said, “Yeah, DOGE,” as the agency surged 15%.
Dogecoin rose 157% last year after Mr. Musk threw his wealth and influence behind Mr. Trump following his assassination attempt in July. In the days that followed, Mr. Musk approval After Trump endorsed X, Dogecoin soared 24%.
Musk has a long history of influencing Dogecoin’s price. In May 2021, the coin’s market cap reached an all-time high of $88 billion after receiving multiple endorsements from billionaires, including calling himself “Dogfather” in an SNL skit.
His promotion of the coin led to a class action lawsuit accusing him of a pump-and-dump scheme to inflate the price of meme coins. However, the lawsuit was dismissed in August.
Dogecoin is currently the 8th largest cryptocurrency with a market capitalization of over $28 billion.
