Elon Musk confirmed his appreciation for Dogecoin while speaking at a political rally in Pennsylvania, stating he is not involved in cryptocurrencies but enjoys Dogecoin due to its humor and community. Despite his claims of minimal involvement, his comments have significantly influenced Dogecoin's price, which recently surged to its highest level in four months, reaching approximately $0.14 and increasing nearly 22% in a week. Musk's association with the cryptocurrency dates back to 2020 when he helped boost its popularity. His comments about a potential 'Department of Governmental Efficiency' have been interpreted as tacit endorsements of Dogecoin, further energizing its market presence. As Dogecoin remains the ninth largest cryptocurrency, its price still lags behind its all-time high of $0.73 from 2021. Investors are responding positively to Musk's remarks, despite his denial of actively promoting cryptocurrencies alongside his endorsement of Donald Trump.

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