Elon Musk Helps Propel Dogecoin to 3-Month High During Trump Rally

• Dogecoin's price reached a 3-month high of $0.1495 following Elon Musk's endorsement at a Trump rally.

• Musk humorously proposed the creation of a "Department of Government Efficiency" (D.O.G.E.), aligning with his support for Dogecoin.
• Dogecoin's recent surge stands out amid losses in other major cryptocurrencies like Bitcoin and Ethereum.

The world’s largest memecoin by market capitalization – Dogecoin – is heading to one of its most profitable weeks of 2024. DOGE is currently trading at $0.143, up by 1.70% over the past 24 hours. The price nearly hit $0.15 at 3:20 AM (UTC), with a peak of $0.1495 so far.

Today marks Dogecoin’s highest price in over 3 months. And while the currency has retracted since its near $0.15 peak – DOGE is still riding a considerable bullish wave, especially when comparing its performance to some of the rest of the top 10 cryptocurrencies by market capitalization. 

Bitcoin, Ethereum, and BNB all recorded losses on October 21st – with BTC surprisingly being the biggest loser at a 1.47 decrease. Even Dogecoin’s main competitor in the memecoin market – Shiba Inu – wasn't able to mimic its fellow dog-inspired crypto as SHIB trades at a negative 1.79%.

This recent surge is the first time the Doge was able to break above the $0.14 zone since July 23. While it may still be soon for investors to claim that the dog days are over for Doge, today’s positive performance even against a bearish trend on the market shows incredible resilience by the world’s first memecoin. 

Elon Musk Talks About Crypto During Trump Rally

Multi-billionaire and prominent Dogecoin endorser – Elon Musk spoke at a recent Trump campaign rally. When an attendee asked Musk about the topic of cryptocurrencies, the South African was not shy about his enthusiasm for the subject.

The billionaire spoke about how cryptocurrencies are a “valuable bulwark against centralized control,” and that by its nature, digital assets help with individual freedom. 

At one point, he humorously suggested the creation of a "Department of Government Efficiency" (D.O.G.E.), which would be abbreviated as "Doge," aligning with his support for Dogecoin. Elon Musk’s publicly mentioning Dogecoin is likely to have been the push the currency needed to reach today’s trading performance. 

CoinMarketCap shows a 25% increase in value for doge during the week. With yearly gains of around 130% – $DOGE still compares below other altcoins like Ethereum and Shiba Inu. However, its recent performance on the monthly and weekly charts shows that the memecoin could be catching up before the end of the year.