Dogecoin Jumps 8% As Elon Musk Donates $75M To Elect Trump, DOGE to $1?

Elon Musk, known for being a fan of Dogecoin meme coin, has donated nearly $75 million to America PAC to back Donald Trump in his presidential race. Musk has also pushed forward efforts regarding the proposed Department of Government Efficiency (DOGE) and campaigning with Trump, currently throughout Pennsylvania.

Elon Musk Donates Massive $75 Million In US Elections

Billionaire businessman Elon Musk boosted Donald Trump’s presidential run by donating nearly $75 million in donations to America political action committee (PAC), a pro-Republican group. The donation has pushed Musk on the list of top donors for Trump’s reelection bid.

Musk created this PAC to support candidates who support core values of ‘Secure Borders, Sensible Spending, Safe Cities, Fair Justice System, Free Speech and Self-Protection.’ The group has already spent more than $96 million boosting Trump’s reelection bid, according to the independent non-profit OpenSecrets.

Musk Leading Trump to Victory in Pennsylvania

Moreover, ‘Dogecoin fan’ Elon Musk said he will give a series of talks in Pennsylvania until Monday. Those who want to attend need to just sign up for America PAC’s petition for free speech and need to have voted in Pennsylvania.

A source told Reuters that Musk plans more campaigning for Trump in Pennsylvania after his appearance at a Trump rally. His appearances would be connected to his America political action committee.

Tomorrow night through Monday, I will be giving a series of talks throughout Pennsylvania.

If you’d like to attend one of my talks, there’s no attendance fee. You just need to have signed our petition supporting free speech & right to bear arms & have voted in this election. https://t.co/2cjdY7oPtB

— Elon Musk (@elonmusk) October 16, 2024

Polymarket data reveals that Donald Trump’s odds are now 14% ahead of Kamala Harris in Pennsylvania. This shift comes amid Elon Musk’s appearance at Trump rallies.

DOGE Price Gains 25% In A Week

Dogecoin is unfazed by the recent broader crypto selloff after a volatile price uptrend in the market. DOGE price currently trades at $0.135, up 8% in the last 24 hours and 25% in a week. However, trading volume dropped 18% in the last 24 hours.

In the derivatives market, total DOGE futures climbed 12% within 24 hours as traders moved to buy Dogecoin before it rallied. As per Coinglass data, the total Dogecoin futures OI hit a high of 6.66 billion DOGE worth $875 million.

The strong momentum comes amid Elon Musk’s support for Donald Trump and rising hopes for the proposed Department of Government Efficiency (DOGE). Trump promised Musk a key position if he wins the presidential election, fueling DOGE to $1 speculation.

Meanwhile, Musk’s Tesla moved all Bitcoin holdings worth $760 million from its public wallet, marking its first BTC transactions in two years. A plausible explanation is for security purposes and spread them across several cold wallets.