Rockets aren't the one thing Elon Musk is sending into the stratosphere.

After a three-year crash, Dogecoin explodes againa 250% increase because the election of Donald Trump – a part of a broader wave of optimism within the industry as Trump courts crypto advocates during his campaign.

Trump's informal appointment of Musk to what he calls Ministry of Government Efficiency – DOGE for brief – has also helped advance the dog theme same corner.

This isn't the primary time Musk has referred to himself as “the doge father“has sparked interest in Dogecoin.

In May 2021, the worth shot up in anticipation Musk's guest appearance on “Saturday Night Live.” During one skit, Musk played a financial analyst in conversation with one Weekend update host who repeatedly asked him, “What is Dogecoin?” After some confusion, Musk’s character finally admitted that it was a hustle. The price of the coin went down right into a free fall. Just a little over a 12 months later the time had come lost over 90% of its peak value.

The losses hit small investors hard. One of them in 2022 filed a category motion lawsuit against Musk for market manipulation and insider trading, although the case was dismissed in August 2024.

Why has Dogecoin – a meme coin that ought to never be taken seriously as an investment – ​​experienced such extreme fluctuations in value?

We're all on this together

Dogecoin was launched in 2013 to counterfeit Bitcoin and quite a few other cryptocurrencies that were said to disrupt traditional finance. Two strangers from all over the world met onlinecopied the code of an existing coin and branded it with the already popular Doge Internet memes – an image of a Shiba Inu dog surrounded by fragments of broken English: “Wow, a lot of money.”

Although Their most important goal was to provide the coin Pointless and unwanted, it became one of the crucial popular and enduring cryptocurrencies available on the market.

Following Dogecoin’s previous surge in 2021 I studied how His passionate network of influencers and on a regular basis investors worked together to bring massive attention – and capital – to the joke currency.

To understand the appeal of those absurd investments, one must have a look at the time and energy that users spend money on these networks and the financial and social rewards they receive in return.

Meme coins are collaborative firms. Members of those online communities have an economic incentive to develop into outspoken supporters: the more the worth of Dogecoin increases, the more their investments grow. But additionally they receive social validation from other meme coin investors after they pump the coin.

In other words, behind every meme coin is a collective of strangers with a shared mission to earn more money.

Dogecoin and its imitators have been described by their leadership as Crypto movements, traveling together And communal Projects. Beyond branding the assets with culturally relevant images, be it a Shiba Inu dog or Pepe the frogSuccessful crypto firms are characterised by complex networks of trust. Trust within the technology. Trust in its potential for future appreciation. And trust that those that have power within the networks is not going to exploit the remainder.

This loyalty comes from a worldwide network of users who work together across the clock to advertise their coin and reveal their unwavering commitment to its success.

In times of price increases, the collective hums with elation.

When prices drop, community members reinforce one another's convictions of their comrades – and their very own – that that is only a bump within the road and that their joint efforts will ultimately result in a handsome profit. Even within the coldest season Crypto winterThis ritual behavior helps these speculative communities persist. Community serves as an alternative choice to financial loss.

The investment strategies in these communities – and the assumption that they are going to repay – involve repeating and reposting what others have said, like every traditional web meme.

Trolling the standard review

The true value of meme coins can’t be understood in the identical way as traditional assets akin to stocks and physical goods. These kinds of assets have fundamentals, akin to an organization's financial statements or public demand for basic goods, from coffee to grease.

Conversely, the basics of meme coins are reflected of their network activity, akin to: B. every day energetic users, and in less concrete metrics, akin to. B. the social mood and Share thoughts – how much public attention a coin has generated in comparison with its competitors.

Of course, traditional asset valuations are also influenced by these social aspects. The difference is that meme coins offer little productive activity. They contribute nothing to the economy. Occasionally their leadership will Build financial services around thembut these are generally added as an afterthought, particularly to create more speculative excitement.

Meme coins troll traditional valuation conventions and mock the edicts and dogmas of mainstream investors.

And that's precisely the point.

Participating in meme coin communities – or other crypto communities for that matter – means having another economic experience. They are speculative sandboxes for enjoying outside of traditional investing rules.

Who let the doge out?

Musk is the epitome of the meme coin influencer par excellence.

As the richest man on the planet, he is taken into account by many to be a model of smart investing. His huge fan base goes far beyond the Dogecoin social network. And his promoting efforts are playful – so playful that the judge in his class motion lawsuit dismissed his Dogecoin tweets as mere “buffering” and that “no reasonable investor could rely on them”.

Dogecoin previously reached the height of its memetic momentum when Musk appeared on “Saturday Night Live.” Instead of sitting on the Weekend Update news desk cracking jokes, he's now sitting in Trump's office advising the president-elect. In other words, Dogecoin's memetic resonance has spread from popular culture to politics, helping it capture a bigger share of public opinion.

While Dogecoin has particularly benefited from Musk's closeness to Trump, there’s optimism within the broader crypto market a couple of crypto-friendly government. Speaking on the Bitcoin 2024 conference in July, the GOP candidate asserted that he would enable the United States to “the crypto capital of the planet.” After watering $131 million this election cycleThe crypto industry can now claim 274 pro-crypto members of the US House of Representatives and 20 pro-crypto US Senators.

Between Musk's friendship with Trump and a changing regulatory environment, the dog can run free again.

policy

LATROBE, Pa. (AP) — Donald Trump's campaign indicated he would begin previewing his closing arguments Saturday evening, barely two weeks before Election Day. But the previous president opened his rally with an in depth story about Arnold Palmer, even praising the late, legendary golfer's genitals at one point.

Trump campaigned in Latrobe, Pennsylvania, where Palmer was born in 1929 and learned to golf from his father, who suffered from polio and was head pro and greenskeeper on the local country club.

Politicians greeting Palmer in his hometown is nothing recent. But Trump spent a full 12 minutes in the beginning of his speech, even suggesting how way more fun the evening could be if Palmer, who died in 2016, could join him on stage.

“Arnold Palmer was a pure man, and I say that with all due respect to women,” Trump said. “This is a guy who was completely a man.”

Then he went further.

“When he was showering with other professionals, they came out of there. They said, ‘Oh my God.’ That’s unbelievable,” Trump said, laughing. “I had to say that. We have women here who are very cultured, but they used to think of Arnold as a man.”

Trump senior adviser Jason Miller told reporters before the speech that Trump planned to preview and “start engaging with” his closing argument against Vice President Kamala Harris. Traditionally, candidates use their final days on the campaign trail to inform voters why they should win the White House.

Trump ultimately touched on a lot of his favorite campaign themes, but didn't provide much in the way in which of reframing the race or why he should win it. Instead, he boasted about creating strong tax policies and a robust military during his first term.

He called Harris “crazy” and added an obscenity.

“You need to tell Kamala Harris that you've had enough, that you just can't take it anymore, we can't stand you anymore, you're as – vice president,” Trump said to cheers from the group. “The worst. You are the worst vice chairman. Kamala, you're fired. Get out of here.”

He also criticized Harris for suggesting during her unsuccessful presidential run in 2020 that she would support a ban on hydraulic fracturing, which is very important to Pennsylvania's economy and a position Harris' campaign said she now not supports.

Trump invited members of an area steel staff union to the stage who supported him. He placed on a construction hat along with his name on it.

He also said that Israeli Prime Minister Benjamin Netanyahu called him in light of Israel's ongoing war with Hamas in Gaza.

“He said, 'It's unbelievable what happened,'” Trump said of Netanyahu's call, before moving on to criticize President Joe Biden, saying the Israeli prime minister “wouldn't listen to Biden.”

Trump praised the rowdy crowd outside and at an airport, but in addition made it clear that there was more conspicuous security around him after two assassination attempts, saying: “They give you a little more security these days, have you noticed?”

“I've got more machine guns than I've ever seen – look at these guys,” he said, referring to security. He was interrupted by shouts from the group of “USA!” USA!” Before we continue: “We have more people, and each one in every of them can also be a central solid, holy shit.”

Then he attributed it back to Latrobe's native son and added, “You look like Arnold.” Can’t look higher than Arnold.”

___

Weissert reported from Washington.

OAKLAND — Dozens of supporters gathered near the Rockridge BART station Sunday to support embattled Mayor Sheng Thao and oppose the upcoming recall election.

“Oakland has seen enough instability in the last few years — COVID, crime, camps,” Thao told the lunchtime crowd. “What we need now is stability and experienced leadership to guide us through these difficult and challenging times.”

The rally, organized by the group Oaklanders Defending Democracy, is a response to a campaign calling for Thao's removal only a yr into his term.

Her critics accused her of neglecting and mismanaging town's funds. Rallies had previously taken place calling for her resignation.

Elaine Peng, president of Asian Americans for a Progressive America, defended Thao's leadership, pointing to a decline in town's murder rate as evidence of progress.

“I strongly oppose the recall,” Peng said. “Oakland’s murder rate was higher in 2021 than it was in 2023, the mayor’s first year in office.”

Statistics from the Oakland Police Department show a 33% decrease in overall crime year-to-date in comparison with the identical period last yr. However, the decline followed a pointy rise in crime, meaning overall rates remain high.

An independent evaluation by the Bay Area News Group found that Oakland's crime rate rose 65% in 2023 in comparison with 2020, the sharpest increase among the many region's major cities, including San Francisco and San Jose.

Although crime stays a key issue, recent incidents have increased concerns.

Last week, an Oakland resident was shot and killed at a faculty reunion in DeFremery Park, and in June, 15 people were injured in a mass shooting at Lake Merritt. There have been 70 homicides recorded in Oakland to this point in 2024, barely fewer than the 76 recorded in 2023.

But advocates point to signs of improvement.

West Oakland resident Josh Gunter highlighted the revitalization of Raimondi Park, once home to Northern California's largest homeless encampment.

“Thanks to coordinated efforts and city investments, more homeless residents have received services and are now housed in housing,” Gunter said.

He also argued that recalls must be reserved for cases of negligence and never political disagreements.

“Recalls should occur because of serious negligence, not because of political differences,” Gunter said.

In addition to Thao, Alameda County District Attorney Pamela Price can be facing a recall effort, with critics accusing her of failing to adequately address violent crime.

Thao also addressed the FBI raid on her home in June, again suggesting that it was politically motivated.

“I want to make it clear that I am innocent and not the target of the FBI investigation,” Thao said. She likened the situation to “external forces putting a finger on the scale to influence the outcome.”

“I humbly ask Oakland voters to let the U.S. justice system take its course,” she said. “A recall is not the way the rule of law is supposed to work.”

Thao praised her government's achievements but acknowledged that challenges remain.

“This problem didn’t happen overnight – not through illegal dumping, camps or disease,” she said. “We have solutions to address these challenges head-on. We cleared tons of debris and created a path to permanent housing for those in need.”

Originally published: October 6, 2024 at 4:47 p.m

By ME KINNARD

Billionaire and technical manager Elon Musk expressed dark words in regards to the upcoming presidential election during an appearance on Saturday Donald Trumpand called the Republican presidential nominee the one candidate “who will preserve democracy in America.”

The CEO of SpaceX and Tesla, who also bought X, Musk joined Trump in Butler, Pennsylvania, where the previous president was survived an assassination attempt in July. He warned that “this will be the last election” if Trump doesn't win and, wearing a black-on-black cap emblazoned with Trump's campaign slogan “Make America Great Again,” appeared to acknowledge the foreboding nature of his comments.

“As you can see, I’m not just MAGA – I’m Dark MAGA,” he said.

The appearance marked the primary time Musk attended considered one of Trump's brand rallies and represented the growing alliance between the 2 men in the ultimate stretch of a closely contested presidential election. Musk founded a brilliant PAC to support the Republican candidate, who spent heavily on turnout in the ultimate months of the campaign. Trump has said he would tap Musk to steer Government Efficiency Commission if he wins back the White House.

Trump joined Musk in August a rare public conversation on X, an overwhelmingly friendly chat that lasted greater than two hours. In it, the previous president focused totally on the July assassination attempt, illegal immigration and his plans to chop government regulations.

Before an enormous crowd on Saturday, Musk tried to portray Trump as a champion of free speech, arguing that Democrats “take away your freedom of speech, they want to take away your right to bear arms, they want to take away your fight to vote effectively.” Musk continued to criticize California's efforts to ban voter ID requirements.

Saturday's rally took place on the identical property where a gunman's bullets grazed Trump's right ear, killing his supporter. Corey Comperatore. Several other people were injured within the shooting.

Several members of Comperatore's family, in addition to other participants and first responders from the July rally, returned to the location Saturday. His vp, the Republican senator from Ohio, also appeared with the previous president. JD VanceSon Eric TrumpDaughter-in-law and RNC co-chair Lara Trumptogether with Pennsylvania legislators and sheriffs.

___

Kinnard reported from Chapin, South Carolina, and might be reached at http://x.com/MegKinnardAP.

Originally published: October 5, 2024 at 4:39 p.m

crime

WASHINGTON (AP) — The gunman within the assassination attempt on former President Donald Trump searched online for events hosted by each Trump and President Joe Biden and viewed the Pennsylvania campaign rally where he opened fire last month as a “target of opportunity,” a senior FBI official said Wednesday.

Thomas Matthew Crooks, who shot Trump from a close-by rooftop before being killed by a Secret Service sniper, had done extensive research for an attack before the shooting, a spread of events or targets, including events involving the present and former president, said Kevin Rojek, special agent in control of the FBI's Pittsburgh field office.

The latest details emerged as FBI officials said in the newest in a series of briefings on the investigation that, despite conducting nearly 1,000 interviews, that they had not yet found a motive for the July 13 attack in Butler, Pennsylvania.

“We have a clear idea of ​​the mentality, but cannot make any final statements about the motive at this point,” said Rojek.

WILKES-BARRE, Pa. – Former President Donald Trump repeatedly digressed from his economy-focused message Saturday, as an alternative delivering illogical statements and private attacks, including declaring thrice that he looks higher than Vice President Kamala Harris.

At a rally in northeastern Pennsylvania, Trump alternated between making his economic case and making a number of insults and imitations of President Joe Biden and French President Emmanuel Macron.

The former president seemed to be struggling to regulate to his latest opponent after Democrats replaced their nominee. During campaign appearances last week, he deviated from the policies he was purported to be talking about and as an alternative resorted to a series of familiar attack lines and insults.

As he began his speech attacking Democrats over inflation, Trump asked his supporters: “You don't mind if I lose the teleprompter for a second, do you? Joe Biden hates them.”

Joseph Costello, a spokesman for the Harris campaign, responded to Trump in a press release, saying: “Another rally, same old show” and that Trump “resorts to lies, insults and confused tirades” because he cannot sell his agenda.

“The more Americans hear Trump speak, the clearer the choice becomes this November: Vice President Harris is uniting voters with her positive vision of protecting our freedoms, building the middle class and moving America forward – and Donald Trump is trying to set us back,” Costello said.

Trump's rally in Wilkes-Barre took place partially of a vital swing state where he hopes conservative, white working-class voters near Biden's hometown of Scranton will boost Republicans' probabilities of retaking the White House.

His comments on Saturday got here as Democrats prepare for his or her four-day convention, which begins Monday in Chicago and can mark the welcome of Harris as their nominee. Her substitute of Biden lower than 4 months before the November election has given latest momentum to the Democrats and their coalition, but in addition represents a brand new challenge for Trump.

Trump attacked Harris on economic issues, linking her to the Biden administration's inflation problems and comparing her recent anti-price gouging proposal to measures in communist countries. Trump said a federal ban on food price gouging would result in food shortages, rationing and hunger. On Saturday, he was asked why she had not worked on an answer to the value problem when she and Biden were sworn in in 2021.

“Day one for Kamala was three and a half years ago. Why didn't she do it then? So today is day 1,305,” Trump said.

To counter high prices, Trump announced that on the primary day of his swearing-in as president, he would sign an executive order “directing all Cabinet secretaries and agency heads to use every power at our disposal to bring prices down. But we're going to bring them down in a capitalist way, not a communist way,” he said.

He predicted bankruptcy for the country, and Pennsylvania specifically, if Harris won, citing her past opposition to fracking, a widely used approach to oil and gas extraction within the state. Her campaign has tried to melt her stance on fracking by saying she’s going to not ban it, despite the fact that that was her position when she ran for president in 2020.

“Her country is going to be ruined anyway. She is totally against fracking,” Trump said.

But he also vacillated between criticism of the chaotic withdrawal from Afghanistan in 2021 and imitations of Macron's French accent.

Trump attacked Harris' laughter, saying she was “not a very good wordsmith,” and mocked the names of the CNN moderators who moderated the controversy between him and Biden in June.

As he began to reflect on Harris' recent image on the duvet of Time magazine, he commented on the image's resemblance to classic Hollywood icons Sophia Loren and Elizabeth Taylor, after which criticized a Wall Street Journal columnist who commented on Harris' beauty earlier this month.

“I look much better than her,” Trump said, drawing laughter from the gang. “I'm a better looking person than Kamala.”

He also had an issue with the way in which his style was typically portrayed in news reports.

“They'll say he's rambling. I'm not rambling. I'm a really smart guy,” he said.

Trump's rally on Saturday was his fifth at the world in Wilkes-Barre, the biggest city in Luzerne County, where he won the last two elections. Biden defeated Trump in neighboring Lackawanna County, where the Democrat has long emphasized his working-class roots in Scranton.

On Sunday, Harris is planning a bus trip that may begin in Pittsburgh and stop in Rochester, a small town further north. Trump has planned a visit to a factory in York that makes containers for nuclear fuel on Monday. Trump's running mate JD Vance is predicted in Philadelphia that day.

Some of Biden's loyal supporters in Scranton, a former industrial city of 76,000, were offended that party leadership was attempting to pressure the president to resign.

Diane Munley, 63, says she called dozens of members of Congress to lobby for Biden. Munley eventually got here to terms with Biden's decision and is now a robust supporter of Harris.

“I can't deny the excitement that exists right now for this ticket. I'm so excited,” Munley said. “It just didn't work out for Joe, and I couldn't see it at the time because I was so close to him.”

Bridy called Trump a “working man like us.” Trump is a billionaire who made his fortune in real estate.
“He's a fighter,” Bridy said. “I would like to see closed borders. He doesn't waste time. He gets straight to work and takes care of things the way they should be done.”

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Price reported from New York. Associated Press writers Bill Barrow in Atlanta and Darlene Superville in Arlington, Virginia, contributed to this report.