Explore the impact of Elon Musk on Dogecoin's price fluctuations amidst political events. Discover how Dogecoin reacted to the 2024 US presidential election and Musk's role in it.
Elon Musk has been a prominent supporter of Dogecoin (DOGE) since 2019, and his tweets and actions have significantly influenced the price of this meme coin over the years. The biggest historical growth of DOGE was in 2021, coinciding with Musk’s appearance on Saturday Night Live, pushing the price of Dogecoin to $0.731. In the 2024 US presidential election, Donald Trump’s potential win was seen as a positive factor for Dogecoin due to Musk’s support for him. However, the second round of Trump’s presidency did not have a positive impact on Dogecoin, causing a significant drop in its price. Many analysts attribute this decline to concerns about economic recession in the United States.
