TLDR:
Dogecoin (DOGE) price jumped 7% after Elon Musk mentioned “D.O.G.E.” at a Trump campaign event
Musk discussed plans for a “Department of Government Efficiency” (D.O.G.E)
DOGE rose to over 13 cents, its highest since late July
Musk has donated over $75 million to support Trump’s campaign
The Dogecoin community interpreted Musk’s comments as an endorsement of the cryptocurrency
Dogecoin, the popular meme-inspired cryptocurrency, experienced a significant price increase following Elon Musk’s appearance at a Donald Trump campaign event in Pennsylvania. The digital currency saw a 7% jump in value, pushing its price above 13 cents for the first time since late July.
The surge came after Musk discussed plans for a proposed “Department of Government Efficiency,” which would be abbreviated as D.O.G.E. This department, if implemented, would aim to streamline government spending and improve the efficiency of taxpayer money usage.
At the Ridley High School town hall in Folsom, Pennsylvania, an attendee asked Musk if he would lead this new department.
Musk responded with a grin, simply saying, “Yeah, Doge.” This brief mention was enough to spark excitement among Dogecoin enthusiasts and traders.
The cryptocurrency market reacted quickly to Musk’s comments. Dogecoin’s value climbed to $0.13, representing a 6.8% increase in just 24 hours. The total market capitalization of Dogecoin rose to $19.3 billion, according to data from CoinGecko.
Dogecoin Price at Coingecko
Musk’s involvement in Trump’s campaign has been significant. He has donated over $75 million to the America PAC, a Super PAC supporting Trump and other Republican candidates, since July. The tech entrepreneur is scheduled for several campaign appearances in Pennsylvania this month.
The proposed Department of Government Efficiency aligns with Trump’s recent pitch for an initiative to cut government waste. In September, Trump suggested creating an efficiency commission led by Musk to conduct a comprehensive financial and performance audit of the entire federal government.
Musk publicly supported this idea, describing it as an opportunity to “unlock tremendous prosperity for America.” His endorsement of the concept at the town hall event was seen by many as a subtle nod to Dogecoin, given the shared acronym.
This isn’t the first time Musk’s public statements have influenced Dogecoin’s price. Earlier in the week, he tweeted “D.O.G.E. will fix it” in response to California’s decision to block a SpaceX launch. While the tweet seemingly referred to the proposed government department, many in the crypto community interpreted it as another deliberate connection between Musk’s humor and Dogecoin.
The cryptocurrency’s sensitivity to Musk’s comments has been a recurring theme. Created in 2013 as a parody of Bitcoin, Dogecoin has grown to become one of the top ten cryptocurrencies by market capitalization. Despite being down more than 80% from its 2021 peak, Musk’s continued support has given the meme coin staying power in the volatile crypto market.
The recent price movement has also impacted trading activity. DOGE-denominated open interest, which represents the number of unsettled futures bets, spiked to over 5 billion tokens. This increase in open interest alongside rising prices suggests a strong market trend and potential for further volatility.
Some crypto traders speculate that a Trump victory in the upcoming election could lead to more discussions about “DOGE,” potentially fueling retail attention and interest in Dogecoin if the Department of Government Efficiency becomes a reality.
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