Tesla CEO Elon Musk’s campaign rallies endorsing Donald Trump appear to be boosting several meme coins, including Dogecoin, the world's eighth-largest cryptocurrency.

For example, Musk’s decision to speak about D.O.G.E. – the Department of Government Efficiency, which does not yet exist – at a rally for Trump in New York City’s Madison Square Garden sent the price of the popular meme coin Dogecoin soaring.

In the past 24 hours, Dogecoin has emerged as one of the globe’s best-performing digital assets, enjoying a nearly 15% boost, according to CoinGecko.

Dogecoin has also seen nearly $4 billion in trades in the last 24 hours, representing an almost 40% growth in daily trading volumes, according to CoinMarketCap.

If Trump wins reelection, Musk is likely to be appointed to a cabinet role at the proposed efficiency department, which has been humorously shortened to D.O.G.E. by the billionaire, in an allusion to Musk’s apparent favorite cryptocurrency, Dogecoin.

Last year, Musk spoke about Dogecoin at a London CEO Council Summit, urging audiences not to take his comments on the cryptocurrency as market advice: “I’m not advising anyone to buy crypto or bet the farm on Dogecoin,” Musk said.

Dogecoin, which boasts a market capitalization of nearly $25 billion, is currently hovering around $0.17 a token at the time of writing.

Earlier this year, a judge dismissed a $258 billion insider trading case brought against Musk by Dogecoin investors that alleged that the billionaire was carrying out market manipulation of the meme coin. Investors alleged Musk "profited tens of billions of dollars" from retail traders of Dogecoin, Musk's lawyers characterized his Dogecoin statements as nothing more than "innocuous and often silly tweets."