Dogecoin’s value has surged in the past week, largely influenced by Elon Musk’s support. Musk’s involvement in US politics, particularly his backing of Donald Trump’s presidential campaign, coincided with the increase in Dogecoin’s value. By sharing an image featuring D.O.G.E and associating it with Dogecoin, Musk strategically enhanced his presence in both the technological and political sectors. The image included Trump and the Shiba Inu dog, symbolically endorsing Dogecoin’s principles and its potential in political narratives.
As the cryptocurrency market experiences fluctuations, the impact of Musk’s high-profile endorsements is significant. Analysts believe that Musk’s continued public support could sustain or boost Dogecoin’s trading momentum. Trump, on the other hand, announced his intention to appoint Musk as a key figure in government efficiency during a recent Michigan rally, aiming to implement cost-cutting measures by integrating successful business figures into his administration.
Moreover, Musk’s embrace of the nickname “Dogefather” towards the end of the week further fueled a surge in Dogecoin’s price. At present, Dogecoin is priced at $0.1242, marking a 16.98% increase in the past seven days, with a market capitalization of approximately $18.57 billion, making it the eighth largest cryptocurrency by market cap.