Billionaire Elon Musk made a significant move in the U.S. presidential race by donating nearly $75 million to America PAC, a Republican-aligned group supporting Donald Trump. Following this, the price of Dogecoin surged by 11% over the past 24 hours.
This large donation makes Musk one of the top contributors supporting Trump’s re-election campaign. America PAC, established to promote candidates on key issues such as secure borders, free speech, and self-defense rights, has spent over $96 million to boost Trump’s chances in the 2024 race, according to OpenSecrets.
Dogecoin rises 11% amid Musk’s political move
Dogecoin (DOGE), a cryptocurrency closely tied to Elon Musk, saw a strong price increase in light of the billionaire’s involvement in politics.
Dogecoin (DOGE) remained resilient amid a broader crypto sell-off, trading at $0.125, up 11% in the past 24 hours and 25% over the last month. Trading volume surged over 72% in the same period, signaling increased investor interest.
In the derivatives market, DOGE futures also saw a significant rise, increasing by 22% in just four hours, with total open interest reaching a high of $758.41 million.
Elon Musk is a well-known supporter of Dogecoin. He has publicly expressed his enthusiasm for the meme cryptocurrency, often causing significant price fluctuations. His tweets and actions related to Dogecoin have had a major impact on its market value.
Musk has actively campaigned for Donald Trump in Pennsylvania, delivering a series of speeches as part of America PAC’s petition on free speech rights.
His appearances at Trump’s rallies have notably boosted Trump’s odds, with Polymarket data showing Trump now leading Kamala Harris by 17% in the state. Musk plans to continue campaigning in Pennsylvania through Monday.
A key highlight in Musk’s speeches has been his proposal for the Department of Government Efficiency (DOGE), advocating for streamlined government spending and free speech rights. This initiative has resonated with the Dogecoin community, fueling speculation that if Trump wins, Musk could play a pivotal role, potentially driving DOGE’s price to $1.
In a related move, Musk’s company Tesla transferred $760 million in Bitcoin from its public wallet, marking its first BTC transaction in two years. For security reasons, the assets were distributed across several cold wallets to enhance protection. This action underscores Musk’s continued influence in both the crypto and political spheres.
