Key Points
- DOGE and other memecoins recorded price surges following yesterday’s Trump rally.
- Elon Musk was introduced as the co-founder of the Department of Government Efficiency.
Despite the drop of around 15% in the memecoin sector, some memecoins recorded price surges today.
Data from CoinGecko shows a significant drop in top memecoins’ market cap, but some dog and cat-related coins experienced important price spikes.
Some Memecoins Surge Following Musk’s Speech in NYC
For instance, DOGE surged by almost 4% today, while SHIB saw a price surge of 0.5%. WIF surged by almost 2%, and the cat-themed memecoin POPCAT recorded a 5.6% price rise.
BONK and FLOKI prices also spiked by 0.2% and 1.4% respectively, while NEIRO CTO (also known as First Neiro on Ethereum) surged by 7% today. BABYDOGE also saw a price surge of 2.6%, according to data from CoinGecko.
Neiro on Ethereum recorded a more significant price surge of over 48%, and PURR, another cat-themed memecoin, surged by 16% today.
While these tokens saw price rises, some memecoins recorded important price drops. DOLAN’s price dropped by 17%, KLAUS by over 9%, and CAT by 20%.
Some Trump-based coins also saw important price surges, including TRUMP which surged by 19%.
DOGE’s price surge, along with other dog-themed memecoins, was probably triggered once again by Elon Musk.
Musk Takes the Stage At Trump Rally
Yesterday, at a Donald Trump Rally in New York, at one point, Elon Musk was introduced as the co-founder of Department of Government Efficiency (DOGE).
Key messages from Musk’s speech included:
- People to vote early
- Encourage friends, family, and others to vote
Musk also said that he’d save the US $2 trillion in tax spending through the Department of Government Efficiency, according to Business Insider.
This is a reference to the August Musk-Trump interview that took place on X spaces during which the former US President committed to Musk that he would create a Government Efficiency Commission led by him to cut the costs and size of the Federal Government spending.
This is not the first time when DOGE is mentioned during a Trump rally and the DOGE memecoin sees price surges. On October 18, DOGE surged by 10% following other Musk comments in Pennsylvania.
