Dogecoin News: Price Jumps 22% as Elon Musk Teases ‘D.O.G.E.’ in Trump Campaign

Dogecoin (DOGE) has made headlines this week, experiencing a notable 9% increase that pushed its price above $0.13—its highest level since late July. This surge seems closely connected to comments made by Elon Musk during a public event in Pennsylvania. When asked about leading a new division in a potential Donald Trump administration, Musk playfully responded, “Yeah, DOGE.” The enthusiastic applause from the crowd likely helped boost the token’s value.

How will Elon impact Doge’s price? What should you be on the lookout for as an investor? Let’s dive in deep.

Dogecoin Headed for a Jump?

Market analysts are closely watching DOGE’s recent performance. Some, like X user Dylan, believe that DOGE’s rise could spark a broader revival among altcoins. Meanwhile, Ali Martinez has made a bold prediction that DOGE could reach an all-time high of $10 in the coming months. However, achieving this would require an impressive market cap of around $1.4 trillion—an achievement currently only approached by Bitcoin.

Let’s Talk About the Musk Effect

Elon Musk’s impact on Dogecoin is well-known. Earlier this year, he hinted that Tesla might start accepting DOGE for payments, leading to a significant price rally. Later, when Tesla officially integrated DOGE as a payment option, the token’s value soared even higher. Musk’s ongoing support, including his self-proclaimed title of “DOGEFATHER,” has kept investor interest alive and strong.

Musk’s growing support for Trump and the potential implications of his proposed D.O.G.E. initiative have drawn considerable attention to Dogecoin. The town hall event, which aimed to promote early voting in a key state, contributed to DOGE’s impressive one-week gain of over 22%, significantly outperforming the broader cryptocurrency market and Bitcoin’s modest 1% rise in the past 24 hours.

Rising Open Interest Signals Market Optimism

At the same time, open interest for DOGE—which measures the number of unsettled futures bets—has surged to over 5 billion tokens. This increase indicates a strong market trend and suggests that traders are expecting significant price movements ahead.

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The Future of DOGE

As Musk continues to back Trump’s campaign, his plans for the D.O.G.E. department could enhance Dogecoin’s visibility even more. If Trump wins the election, increased discussions around DOGE could generate even more retail interest in the cryptocurrency.

Influential crypto trader @theunipcs pointed out that Musk’s ability to “meme” the D.O.G.E. into existence—with Trump’s support—could further boost Dogecoin’s popularity. The excitement surrounding D.O.G.E. may also positively affect other meme projects, such as Floki, inspired by Musk’s dog. With these developments, investors remain hopeful for Dogecoin’s bright future.

What are your thoughts on this latest DOGE development? Share your views with us!