Dogecoin surged by 8% following Elon Musk’s massive $75 million donation to Donald Trump’s presidential campaign, reviving hopes that the cryptocurrency could soon hit $1 amid increased market activity.

Musk's $75 Million Boost to Trump's Campaign

The pro-Republican America Political Action Committee (PAC) received roughly $75 million from billionaire entrepreneur Elon Musk, which bolstered Donald Trump's presidential campaign. Per Coingape, Musk is now one of the most prominent benefactors to Trump's reelection campaign, thanks to this contribution.

Supporters of "Secure Borders, Sensible Spending, Safe Cities, Fair Justice System, Free Speech and Self-Protection" are the intended beneficiaries of Musk's political action committee.

The independent non-profit organization OpenSecrets has reported that the group has already spent over $96 million supporting Trump's reelection campaign.

Dogecoin’s 8% Surge Amid Political Donations

Despite the wider cryptocurrency selloff following a wild price surge, Dogecoin remains unconcerned. At its current price of $0.125, DOGE has seen an increase of 8% in the past 24 hours and 22% in the past 30 days. More than half of all trades have taken place in the last day.

DOGE Futures See a 22% Jump in Four Hours

Total DOGE futures in the derivatives market surged 22% in only 4 hours as investors rushed to purchase Dogecoin ahead of its potential rally. According to data compiled by Coinglass, the total open interest (OI) in Dogecoin futures reached a high of 6.05 billion, or $758.41 million.

Elon Musk's endorsement of Donald Trump and growing optimism about the planned Department of Government Efficiency (DOGE) are factors contributing to the high momentum. The DOGE to $1 hypothesis was fueled by Trump's pledge to Musk of a prominent post upon his presidential victory.

Tesla’s $760 Million Bitcoin Move Adds to Market Buzz

It had been two years since Musk's Tesla made any Bitcoin transactions, but that changed when the company transferred all $760 million worth of Bitcoin out of its public wallet. One such justification is to diversify their holdings among multiple cold wallets for safety reasons.