Dogecoin was initially created as a joke to parody Bitcoin in 2013, but since then, it has grown into a top-ten crypto by market cap, giving birth to iconic memes in the crypto community.
Although the meme coin is down more than 80% from its 2021 peak, Musk’s support has given it staying power, with the meme coin frequently rallying after his tweets and public remarks.
The event, which took place at Ridley High School in Folsom, Pennsylvania, was organized by Trump’s America PAC, an organization supporting Trump and other Republican candidates.
Musk’s response to an attendee’s question about heading up a new “Department of Government Efficiency” was, “Yeah, Doge,” which resulted in cheers and applause from the crowd.
Dogecoin (DOGE) experienced a notable boost in value after billionaire Elon Musk briefly mentioned the meme coin’s name during a town hall meeting on Thursday. Following Musk’s comment, Dogecoin’s value soared to $0.13, representing a more than 6.8% boost in the last 24 hours.
Its market capitalization also spiked to $19.3 billion. Musk has also committed over $70 million through America PAC to rally efforts ahead of the 2024 election. Musk supported the idea, calling it an opportunity to unlock “tremendous prosperity for America.”
The Dogecoin community interpreted Musk’s remark as another subtle endorsement of the coin, which has often rallied after his public statements.
Over the past seven days, DOGE has gained almost 22.9%, making it the top performer among the ten largest cryptos by market cap. In September, Trump proposed an efficiency commission led by Musk, tasked with auditing the entire federal government’s financial and performance aspects.
