Elon Musk causes Dogecoin rally

The "Dogefather" shows he can still do it. After an almost casual remark by Tesla CEO Elon Musk, DOGE's stock price skyrockets.

Over the past week, the value of Dogecoin (DOGE) has risen about ten percent. The cause of this small rally appears to be comments made by Elon Musk at a Townhall meeting in Folsom, Pennsylvania.

During the assembly at Ridley High School, an attendee asked Musk if he had a new "Department of Government Efficiency" (D.O.G.E. for short) would like to lead. Musk humorously responded, "Yes, Doge."

Musk was referring here to a proposal by Donald Trump to implement the so-called "waste" by US officials. Musk publicly supported the idea, calling it an opportunity to "unleash enormous prosperity for America."

However, this seemingly lighthearted comment about Dogecoin was enough to make DOGE fans buy in droves. So although the price is still some 80 percent below its historic high, Dogecoin remains firmly in the top 10 crypto currencies thanks in part to Musk's support.

In the crypto world, Musk regularly causes a stir with his statements and actions. Recently, rumors circulated about large transfers of Tesla's Bitcoin holdings to unknown wallets. Some speculate that Musk has given up his Bitcoin activities and is now selling his coins.