Musk, the ‘Dogecoin Fan,’ Bolsters Trump’s Campaign with $75M

• Elon Musk’s involvement in Trump’s campaign, including a series of speeches in Pennsylvania, has reportedly improved Trump’s odds of winning.
• Musk’s political activities have positively impacted Dogecoin’s price, which rose by 11.68% in 24 hours and recorded a significant increase in trading volume.

Tech mogul Elon Musk has made headlines once again, this time for his significant financial support to Donald Trump’s presidential campaign. According to recent reports, the billionaire contributed nearly $75 million to a pro-Republican political action committee (PAC) called America PAC. This substantial donation positions “Dogecoin Fan” Musk as one of the key backers in Trump’s bid for re-election.

Elon Musk’s Massive Donation To Donald Trump

The PAC has a clear focus on promoting candidates who prioritize secure borders, controlled government spending, public safety, justice reform, free speech, and the right to self-defense. The America PAC has already invested more than $96 million into Trump’s campaign, as per data from OpenSecrets. Furthermore, reports suggest that a Trump victory could pave the way for XRP ETF and Solana ETF. 

Hence, Musk’s backing of Trump has made him the leading figure among the Republican candidate’s top finance supporters in the November 2024 election. In addition to financial support, Musk also takes a hands-on approach to campaigning.

The Tesla CEO is currently giving a series of talks across Pennsylvania as part of Trump’s campaign efforts. His speeches are scheduled to run until Monday. These events require the attendees to sign America PAC’s free speech petition and show proof that they have voted in Pennsylvania.

Moreover, according to a Reuters report, Dogecoin Fan Musk’s involvement in Trump’s Pennsylvania rallies will likely increase in the coming days. Trump’s odds of winning Furthermore, Pennsylvania appears to have improved following Musk’s appearances. 

According to data from Polymarket, Trump is now leading Kamala Harris by 18% in the state after Musk’s involvement in the campaign. Additionally, Trump’s overall win odds have surged to 59.9% while Harris struggles with a 40.1% chance of winning the election. Recently, Musk was also fueling the MAGA meme coin rally as Trump’s odds of election win improve, per the CNF report. 

Dogecoin Price Boom

Elon Musk’s interest in Dogecoin (DOGE) has also gained attention amid his political involvement. Known as an advocate of the King of meme coins, Musk’s political actions and growing alignment with Trump have had a positive effect on DOGE price performance, reported CNF.

Dogecoin price climbed 11.68% over the last 24 hours, trading at $0.1267 at press time on Wednesday, October 16. Meanwhile, DOGE price has also recorded a 24.68% rise over the past 30 days. Moreover, trading volumes for DOGE surged over 96.06% to $2.11 billion within the same 24-hour period.

Additionally, Dogecoin futures saw a sharp rise in activity. Today, DOGE futures increased by 32.29% with the total open interest hitting $6.05 billion, valued at $767.30 million, according to Coinglass data. Furthermore, DOGE short liquidations soared to $3.88 million, suggesting short-term price growth as buying pressure surges.

This uptick in Dogecoin’s price and trading volume is closely tied to Musk’s support for Trump. Also, it centers on the speculation that Musk may play a key role in a proposed government initiative called the Department of Government Efficiency (DOGE) in case Trump wins.