Doge shoots up 25% in a week, and once again Elon Musk is to blame

Ever since the introduction of the Bitcoin ETFs at the beginning of this year, the volatility of the largest digital currency has been lower during the weekend, but that does not mean that altcoins cannot make big jumps. For example, look at Dogecoin’s price over the last 48 hours. It has risen more than 25% in recent days, and again Elon Musk has something to do with it. As he had to deal with a lawsuit last time, we hope that things will work out well for him this time round.

History

Tesla, SpaceX and Twitter (now X) CEO Musk has a long history with Dogecoin. At the beginning of April 2023, for example, he briefly changed Twitter’s logo, at that time still a blue bird that ‘Tweets’, with the Shiba Inu dog that we know as the face of Dogecoin. The price of the memecoin jumped by by 30%.

Elon Musk explains how the Department of Government Efficiency (DOGE) will give power back to the people#DOGE #Crypto #ElonMusk pic.twitter.com/nE59SX0Clb

— Aishwarya Reddy (@Aish_reddie) October 19, 2024

This cost Musk dearly, because at that time he already had to deal with a lawsuit for market manipulation of the Dogecoin price in 2021. Investors who had bought too late and had to sell at a loss accused Musk of a classic pump and dump. The matter was eventually settled, but Musk had to promise not to influence the price of Dogecoin in the future anymore.

Department

He did that again on Friday, although he did not say the word directly. Musk spoke during an election rally for Donald Trump (Musk has changed his political preference in 2022) about the new ministry he wants to set up to make everything more efficient.

According to him, that ministry for a more efficient government should be called ‘department of government efficiency’ or the acronym, you guessed it, D O G E.

You miss @doge_eth_gov, one of the most memetic memecoin, elegantly blending Elon Musk (the Meme Master), Trump, the US elections, mass media and a worldwide movement.

Department
Of
Government
Efficiency$DOGE

— Billy Mericano 💹🧲✨ (@BillyMericano) October 19, 2024

The internet responded immediately and sent the price of Dogecoin 20% higher. It is unclear whether the rally will last, but it is certainly fun.

In any case, it is a big gamble for crypto enthusiast Elon Musk to openly throw all his weight behind Donald Trump. If his gamble backfires and Trump loses, it will be difficult for his companies to work with the Harris administration in the future. However, if Trump wins, it will be good news for Tesla, X and SpaceX.