The price of Dogecoin (DOGE) has gained 7% in the last 24 hours and is up 22% over the past week as Tesla (TSLA) CEO Elon Musk promotes the memecoin at campaign rallies he attends with U.S. presidential candidate Donald Trump.
Dogecoin is currently trading at $0.13, its highest level since July of this year. Over the last week, DOGE has outpaced all other cryptocurrencies in terms of percentage gains. The increase comes as Elon Musk appears alongside former President Trump at campaign rallies across battleground states such as Pennsylvania.
A New Government Department?
At the political rallies, Musk has been talking 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 bulls 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, helping to push it to an all-time high of $0.64 in 2021.
It’s worth noting that Dogecoin was started as a joke and has no utility or functionality. It is simply a cartoon image of a dog, which is why analysts refer to it as a memecoin. The price of Dogecoin has now risen 40% this year.
Is DOGE a Buy?
While there are no ratings or price targets on Dogecoin as with stocks, the chart below provides an indication of current sentiment surrounding the cryptocurrency. As one can see, sentiment towards DOGE is bullish, which could indicate that the price is likely to rise in the near-term.
