Elon Musk
Elon Musk poses in Los Angeles, Calif., on April 12, 2024. Kevin Winter/Getty Images

KEY POINTS

  • Trump said Musk proposed the idea and has since agreed to take up the role
  • Musk said a commission holding the government accountable for its spending was 'badly needed'
  • DOGE surged Thursday night even as most other memecoins were in the red

Dogecoin (DOGE), the world's top memecoin by market cap, surged late Thursday after ex-President Donald Trump said that if he is elected, he would appoint tech titan Elon Musk to be the chief of a committee that will audit the government's spending.

Musk, a huge fan of DOGE, endorsed Trump and has been using his X account to encourage American voters to choose the Republican presidential candidate in November.

Trump Announces Plan to Appoint 'Not Very Busy' Musk

The business mogul revealed to a group of business leaders Thursday at the Economic Club of New York that he plans to establish a new efficiency commission that will conduct in-depth audits of the government to ensure that there is no wasteful spending of the American taxpayer's money.

"This commission will develop an action plan to totally eliminate fraud and improper payments within six months," he said. He also revealed that Musk,the chie f of various companies, including X and Tesla, proposed the idea.

Trump said Musk would head the new commission, adding that the tech executive had already agreed to take on the request "because he's not very busy." For his part, Musk re-posted a video about the GOP presidential nominee's speech regarding the new commission, captioning his post with: "This is badly needed."

$DOGE Climbs by Over 2%

Dogecoin climbed Thursday night and has been up by 2.6% in the last 24 hours, data from CoinGecko showed. The memecoin has been on a downtrend in the past week but rallied overnight following news of Trump's latest announcement.

DOGE price late Sept 5 2024
DOGE has been down in the last 7 days but climbed Thursday Trump revealed his plan to appoint Elon Musk as the leader of a new government audit commission. CoinGecko

The SpaceX founder is known for being a fan of DOGE. He recently said he has a "soft spot" for the token since he likes memes and dogs. His admiration for the memecoin was at the center of a recently dismissed lawsuit that claimed he manipulated Dogecoin prices, leading to losses that was initially claimed to have reached $258 billion.

Memecoin Market in the Red

DOGE was one of a very few memecoins that saw an increase in the past day. The memecoin market has been in the red in recent days, seemingly afflicted by Bitcoin's price downtrend.

The PolitiFi tokens scene, on the other hand, is on a slightly better place as several Trump-themed memecoins have at least either been experiencing a good week or have been recovering in the last 24 hours.

The Trump-based tokens that surged in the past day are MAGA Again (MAGAA), MAGA VP (MVP), Baby Trump (BABYTRUMP), and MAGA Pepe (MAPE).

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