DOGE transforms into D.O.G.E. and surges due to the “Trump deal”

Jessy, Golden Finance

On October 29, DOGE surged, breaking through $0.16, and the 24-hour increase reached 17%.

As the US election approaches, Trump's trading works again, and DOGE has successfully captured political traffic and joined the Trump trading family bucket.

DOGE's ability to get on the hot spot of the US election is inseparable from the world's richest man Musk's unswerving support for Republican candidate Trump in this US election with his own time, money, and ability.

Now Musk's brand and reputation are highly tied to Trump's brand and reputation. Supporting Trump is an important step for Musk to realize his political ambitions. The interest binding with Trump will also benefit his business empire after Trump's election. And DOGE's outstanding performance is the early realization of this benefit.

DOGE becomes D.O.G.E

The highest price of DOGE was in April 2021 during the last bull market, breaking through $0.7

This was thanks to Musk’s tweet “Doge Barking at the Moon” with a picture.

Musk has become the most famous supporter of DOGE. He has mentioned DOGE many times in his tweets and called it “the people’s crypto”, and he himself has become the father of Dogecoin. It was because of Musk’s many tweets that DOGE was able to break through the circle and its market value squeezed into the top ten of the cryptocurrency market value ranking.

In this cycle, Musk still deliberately promoted DOGE many times. The most recent one was Musk's proposal to set up a Department of Government Efficiency, and the abbreviation of the department is D.O.G.E. The name and abbreviation of the department came from the suggestions of the DOGE community, and Musk adopted the suggestions of DOGE community members.

The Department of Government Efficiency originated from an initiative he and Trump jointly launched, which aims to conduct a comprehensive financial audit of the federal government and propose suggestions to reduce waste, fraud and unnecessary spending.

Trump himself responded positively to Musk's proposal to set up a Department of Government Efficiency. Trump announced in a speech at the New York Economic Club on September 6 that if elected president, he would co-found the Department of Government Efficiency with Musk.

DOGE is riding on the traffic of D.O.G.E. Musk discussed the D.O.G.E plan again in his speech at the Pennsylvania City Hall on October 17, and DOGE soared by 30% at that time.

DOGE's potential lies in its high degree of binding with Musk. Musk, the richest man, is too good at making things happen. Just like this time, DOGE is riding on the election. As long as Musk is active in front of the stage, DOGE will always have hot spots to ride on.

Technology accelerator Musk supports trade protectionist Trump

And this time, Trump was able to actively respond to Musk's initiative to establish D.O.G.E. This is also because Trump and Musk's interests are highly bound at present.

Since Trump was assassinated in July 2024, Musk has become a frequent visitor to Trump's campaign.

In the US election, the final outcome of this US election is actually determined by the votes of voters in several swing states. In these areas, the support rates of the two parties are currently evenly matched.

Pennsylvania has become the most important swing state in this election because of its 19 electoral votes. According to election analyst Nate Silver, the candidate who wins the state has a more than 90% chance of entering the White House.

According to the New York Times, in order to help Trump win Pennsylvania, Musk has moved to Pennsylvania to oversee Trump's election there.

Musk promised to randomly give $1 million every day before voting day to a person who signed an online petition initiated by him to support free speech and gun rights. However, the signatories must be registered voters in the United States and live in the seven swing states of Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania or Wisconsin.

In addition, Musk also offers a $100 reward for each registered voter in Pennsylvania who signs the petition, and can also receive $100 for recommending another registered voter in Pennsylvania to participate in the co-signing.

According to data from the nonprofit tracking agency Open Secrets, Musk's pro-Trump political action committee America PAC has spent more than $119 million in this election cycle. In addition, Musk's personal donations make him one of the largest individual donors in the presidential campaign.

After acquiring Twitter, Musk has turned Twitter into a platform for public opinion to support Trump.

Fully supporting Trump is an important step for Musk to realize his political ambitions.

The combination of top billionaires and powerful politicians has always been common. This time, Musk and Trump put this combination on the table. Big capital has always had unparalleled influence in the United States. They usually bet on both sides in the election to ensure that no matter who wins the election, their business interests can be protected. It is very rare in American history for Musk to publicly and deeply support a candidate.

And Musk placed a heavy bet on Trump, mainly because Musk and Trump are highly compatible in political ideas.

Musk is a believer in technology accelerationism. Technology accelerationists believe that all resources that capitalist society can mobilize should be used at all costs to move towards the "technological singularity". This technology may be big data, cryptocurrency technology, artificial intelligence, brain-computer interface, Mars immigration technology, or biotechnology. But no matter what it is, promoting technological innovation at all costs is the only ethically legitimate behavior. Humans must accelerate the pace of technological progress and construction to ensure survival and promote their own sense of existence in the universe.  

Conservatives who believe that all new technologies should be more regulated are naturally labeled negatively by accelerationism - "decelerationism".

In the eyes of a group of technology giants including Musk, the Democratic Party elites in the United States are precisely such "decelerationists". And Trump, a businessman who opposes environmentalism and supports trade protectionism, has become the object of support for Musk and others.

After Trump takes office, Musk will also directly benefit, not only from realizing his political ideals - becoming the head of the government's efficiency department, but also from his business empire.

According to analysis, after Trump takes office, he may impose higher tariffs on Chinese electric car manufacturers, which may be a good thing for Tesla.

And in the Republican Party platform that Trump helped to shape, there is a partnership between the government and SpaceX, which has a monopoly in the commercial aerospace field under Musk.

More importantly, Musk and Trump are the same kind of people. They saw each other, formed an alliance, and maximized each other's interests. The surge in DOGE is the early realization of this benefit. After Trump's election, there may be more similar moments.

And Musk's related concept coins or stocks will also be highly bound to the "Trump deal" in the future.