The price of %Dogecoin (CRYPTO: $DOGE) has risen 7% in the last day and is up 22% over the past week as %Tesla (NASDAQ: $TSLA) chief executive officer (CEO) Elon Musk promotes the %Memecoin.
Musk has been touting Dogecoin at several campaign rallies he’s attended with U.S. presidential candidate Donald Trump.
As a result, Dogecoin’s price has risen to $0.13 U.S. for the first time since July of this year. DOGE has gained 22% in the past week, outpacing all other cryptocurrencies.
Musk has emerged as a key supporter of Trump’s presidential campaign, recently donating $75 million U.S. to the former president’s re-election and appearing at campaign rallies across the battleground state of Pennsylvania.
At the rallies, Musk has talked up his plans to create and run a new Department Of Government Efficiency under a second Trump term, which he has abbreviated as D.O.G.E.
Musk says the new department will make government spending of taxpayer money more efficient.
The expectation among crypto investors is that a Trump victory could lead to more attention being paid to Dogecoin, fueling retail interest in the memecoin.
Musk is a long-time Dogecoin supporter and has promoted the cryptocurrency in the past.
Dogecoin is considered a memecoin because it was started as a joke and has no utility or functionality. It is simply a cartoon image of a dog.
The price of Dogecoin has now risen 45% this year and currently trades at $0.13 U.S.