KEY POINTS
- $DOGE climbed 6.5% in the last 24 hours despite a 2% decline in the past seven days
- The Tesla CEO has been posting all throughout the day, including short clips of his interview with Joe Rogan
- Dogecoin also climbed last week after Musk said his D.O.G.E commission will save $2 trillion from the US budget
Dogecoin surged Sunday night as Elon Musk continued to push support for Donald Trump on social media hours before U.S. voters decide who will be country's 47th president.
Data from CoinGecko shows that DOGE is up by 6.5% in the last 24 hours, despite being down by over 2% in the past week.
Musk Posts Non-Stop amid Election Day Countdown
The tech mogul has been posting on X non-stop throughout Monday, sharing clips of his discussion with Joe Rogan on the commentator's podcast wherein they talked about Trump, the Democrats, and other topics of political nature.
He also shared a video ad posted by Trump wherein a voice over can be heard criticizing the "corrupt system" that supposedly fought back against the business mogul when he "gave the power back to the people."
He also re-posted Maxim Magazine's endorsement of Trump, wherein the magazine said "Maxim stands with Trump and Elon for freedom."
Maxim is the only major magazine to endorse Donald J. Trump for President. Maxim stands with Trump and Elon for freedom. @realDonaldTrump @elonmusk pic.twitter.com/844q9stt1C
— Maxim (@MaximMag) November 4, 2024
The Tesla CEO's continuing social media rally appears to have affected the prices of his favorite memecoin, Dogecoin, as it did last week, when Musk claimed at a Trump event that his Department of Government Efficiency (D.O.G.E) will save "at least" $2 trillion from the U.S. government's national budget.
What is D.O.G.E?
D.O.G.E is the government department that Trump promised Musk will lead if he wins a second time. The said government agency will be dedicated to auditing government spending, to ensure that the budget goes where it's supposed to be.
Trump has said 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 "commission" since Musk, who is the CEO of multiple other companies, is "not very busy."
Department of Government Efficiency pic.twitter.com/HFeHYNIkJN
— Elon Musk (@elonmusk) September 7, 2024
Since the new department was announced by Trump in September, the SpaceX founder has been criticizing how the outgoing administration handled the U.S. budget, its response to inflation, and various other aspects of government that he deems should have been managed more efficiently.
Musk's Ability to Move Crypto Markets
This isn't the first time the X owner's tweets "moved" crypto prices, and in one case, it has resulted in a lawsuit that recently got dismissed.
For instance, early in 2021, Musk tweeted about DOGE, sending prices upward by up to 50%. At the time, he professed admiration for the world's largest memecoin by market value and even said his electric vehicle company will do a trial run on accepting Dogecoin for merchandise.
Musk has yet to officially confirm if the would-be 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 connected. Many DOGE holders have been posting about the unofficial commission in the lead-up to the elections.
