Dogecoin DOGE/USD rises to new monthly highs, with Donald Trump winning the 2024 presidential election and Elon Musk likely play a role in the newly elected president’s return to the White House.

A Benzinga survey asks readers to choose which Musk-linked company could have the biggest impact on the future of the meme coin.

What happened: Dogecoin, up 12% to $0.1933 in the past 24 hours, is seeing increased activity likely tied to the 2024 election and Musk is calling out the Department of Government Efficiency, or DOGE for short Joe Rogan‘s podcast.

Dogecoin was one of the most traded cryptocurrencies on Tuesday evening and Wednesday morning Robinhood As investors awaited the results of the 2024 presidential election, the company said.

Musk is expected to join the new Trump administration. In this role, Musk would seek to reduce government inefficiencies and unnecessary departments, a role labeled as DOGE

“Which Elon Musk company could have the biggest impact on the future of Dogecoin?” Benzinga recently asked its readers.

The results were:

• Twitter/X: 39%
• Tesla Inc TSLA: 30%
• SpaceX: 26%
• The boring company: 5%

The poll found that social media company X, formerly known as Twitter, was the winner with 39% of the vote. The company was bought by Musk in 2022 for $44 billion. The billionaire plans to make X part of his all-app ambitions, including payments.

Dogecoin has risen several times on Musk’s purchase of Twitter, changing the logo from a bird to the Dogecoin mascot, and news of more secure payment licenses. Having Dogecoin as one of several payment options for X users could boost the meme cryptocurrency’s price and use cases.

Tesla has allowed users to purchase merchandise with Dogecoin in the past and could make it easier for crypto payments again in the future.

SpaceX and Dogecoin will be forever linked thanks to the DOGE-1 satellite mission to space, funded by the cryptocurrency. Musk has also agreed with a user that Dogecoin can be used as a payment option for Starlink users in Brazil to bypass frozen bank accounts.

The Boring Company has allowed users to pay for rides with Dogecoin and supported the meme cryptocurrency.

Also Read: Dogecoin Jumps on Election Day: Poll Asks Whether Trump or Harris’ Win Will Spark 2025 Rally

What’s next: Dogecoin was very volatile around the 2024 elections and time will tell if the rising price and interest rates will continue or if the meme cryptocurrency will sell out after the week.

Dogecoin has traded between $0.1658 and $0.2133 over the past 24 hours, setting new monthly highs late Tuesday night as Trump led in the 2024 presidential election.

Over the past year, Dogecoin has traded between $0.07028 and $0.2266. The cryptocurrency reached an all-time high of $0.7376.

Dogecoin’s all-time highest and strongest 2021 was likely helped by Musk’s social media posts and public comments, including an appearance on “Saturday Night Live.”

The fact that Musk is friends with Trump and is part of the new administration could increase Dogecoin’s visibility and any ties to Musk companies could send the price rising again.

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The survey was conducted by Benzinga from November 4 to November 5, 2024 and included responses from a diverse population of adults aged 18 or older. Participation in the survey was completely voluntary and no incentives were offered to potential respondents. The study reflects results from 97 adults.