With Trump winning back the White House, tech billionaire Elon Musk will almost certainly play a central role in this next administration. As the crypto market recovers following the news, one of the tokens that has benefited the most is Musk’s favorite crypto, Dogecoin, which soared 24% as the Republican candidate moved closer to the victory.
During 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.”
“He’s a super genius. We must protect our geniuses. We don’t have many,” President-elect Trump said.
The Shiba Ina-themed memecoin — often associated with Musk — surged early Wednesday morning, trading at $0.20, the highest since April. It settled at around $0.19 on Thursday, a huge jump from a year ago when Dogecoin was struggling as high as $0.07.
Having been a strong supporter of the Republican candidate, having donated more than $118 million to his campaign and appearing at several of his rallies sporting a “dark MAGA” hat, Musk will be one of Trump’s strongest allies.
Dogecoin enthusiasts view Trump’s victory as a major victory for memecoin, as it means there will likely be more news about Musk and his proposed Department of Government Efficiency, to which the acronym DOGE is a nod. obvious eye to the room.
Asset said on the campaign trail, he would put Musk in charge of the proposed new DOGE department, which would supposedly oversee government spending and eliminate “fraud and irregular payments.”
Asked about the department during a mayoral campaign event in Pennsylvania, Musk replied, “Yeah, DOGE,” which led him to overvoltage 15%.
Dogecoin rose 157% last year after Musk threw his fortune and influence behind Trump following his assassination attempt in July. In the days following Musk’s approval of Trump on XDogecoin jumped 24%.
Musk has a long history of influencing the price of Dogecoin. In May 2021, following multiple endorsements from the billionaire, including an SNL skit in which he called himself “dogefather”, the coin’s market capitalization reached an all-time high of $88 billion.
His promotion of the play led to a class action lawsuit trial in which he was accused of a pump and dump scheme to inflate the price of memecoin. However, the lawsuit was dismissed in August.
Dogecoin is currently the eighth largest cryptocurrency with a market capitalization of over $28 billion.