A lot of that value was created on the back of Elon Musk's support, which has been ongoing since 2019. In fact, Dogecoin's most recent rally was sparked by Musk's involvement in the Trump administration, where he temporarily ran an external government agency with a name that references the meme token.

Elon Musk left Washington D.C. last week making triumphant yet dubious claims he had achieved most of the federal headcount and spending cuts he’d set out to impose. Scarcely back in his role leading Telsa,

Elon Musk on Tuesday amplified his criticism of the sweeping tax and spending bill that President Donald Trump has been pushing fellow Republicans in Congress to embrace, calling it a "disgusting abomination" that will increase the deficit.