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Fortune

Catherine McGrath

Dogecoin rides high as fans anticipate Elon Musk securing ‘DOGE’ position in Trump White House

Elon Musk Donald Trump Dogecoin

Tech billionaire Elon Musk at Trump's campaign rally at Madison Square Garden in the run-up to the 2024 election. (Credit: Anna Moneymaker—Getty Images)

With Trump reclaiming the White House, tech billionaire Elon Musk will almost certainly play a pivotal role in this upcoming administration. As the crypto market rallies on the news, one of the tokens that has benefited the most is Musk’s favorite crypto, Dogecoin, which soared 24% as the Republican candidate narrowed in on victory.

At his victory celebration in West Palm Beach, Trump spent four minutes of his 26-minute speech praising Musk, calling him a “special guy” and a “new star.”

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