KEY POINTS
- $DOGE surged by 4% in the last 24 hours and notably climbed Sunday night after Musk's speech
- The X owner graced the Trump-Vance rally in at the famous Madison Square Garden as 'Dark Gothic MAGA'
- He promised that the spending-focused DOGE will fix the issue on American money being wasted by the government
Dogecoin (DOGE), the world's largest crypto memecoin by market value, climbed Sunday night after tech magnate Elon Musk took the stage at the Trump-Vance rally in New York.
Data from CoinGecko showed that the meme token is up by 4% in the last 24 hours even as it has been on a slight downtrend in the past week.
Musk is known for the praises he has heaped over the past few years for DOGE. He was even sued over his alleged "pump and dump" scheme of the token. The lawsuit has since been dismissed.
What Caused the $DOGE Rally Overnight?
After some members of Donald Trump's close circle spoke Sunday, the Tesla CEO took the stage at the Madison Square Garden to a wild crowd that encouraged the billionaire to pump his fists in the air.
While he was "Dark MAGA" during the Butler, Pennsylvania rally earlier this year, he came into New York as "Dark Gothic MAGA." He hailed the energy of the New York crowd.
He was then asked how much he thinks the United States can "rip out of this wasted $6.5 trillion-dollar Harris-Biden budget." Without any thought, he said, "I think we can do at least $2 trillion."
At the @realDonaldTrump / @JDVance rally at Madison Square Garden!
— Elon Musk (@elonmusk) October 27, 2024
https://t.co/gEcj39mXIp
Addressing the pro-Trump audience, he went on to claim that the American people's money is "being wasted and the Department of Government Efficiency (DOGE) is gonna fix that."
He promised that if Trump wins for the second time, DOGE will get the government off of the people's backs "and out of your pocket book." He added that with a second Trump administration, the country will "reach heights that it has never seen before."
The crowd chanted "Elon" after he vowed to help take the U.S. to new heights, a scene the SpaceX founder enjoyed.
It appears his mention of the department Trump promised to install Musk as the leader affected his favorite memecoin as it climbed overnight to start the week in the green. As of early Monday, DOGE is trading at around $0.143 from a peak of over $0.145 Sunday night.
What is the DOGE Agency?
Last month, the Republican presidential candidate Trump announced that he will appoint the X owner to lead a department focused on auditing government spending. At the time, the announcement also pumped DOGE prices.
He revealed that Musk himself presented the idea to the Trump, and the former president obliged, believing that such a government commission will "totally eliminate fraud and improper payments within six months."
It is unclear whether the Department of Government Efficiency's name is actually Musk's tribute to the memecoin he so admires, but users of the popular meme token are quite pleased with the digital coin's recent price action.
