Elon Musk’s D.O.G.E Proposal at Trump’s Pennsylvania Rally Shoots Dogecoin By 7%
The Doge Godfather, Elon Musk, has recently boosted excitement within the Dogecoin community. Dogecoin surged 7% after Elon Musk introduced a new government department, dubbed D.O.G.E," during Trump's campaign. This announcement stirred positive sentiment among investors.
Musk's D.O.G.E Announcement Boosts DogecoinElon Musk, known for his vocal support of DOGE, made waves again with his D.O.G.E proposal.
During a Pennsylvania campaign event for Donald Trump, Musk discussed his plan for the Department of Government Efficiency (D.O.G.E.),which aimsto streamline government spending and increase its effectiveness.
According to Musk, the department would operate similarly to a corporate company, rewarding success and penalizing failure.
This announcement, shared in front of a large audience, quickly led to a spike in Dogecoin's value. The cryptocurrency surged by 7%, pushing its price past 13 cents, the highest since late July.
DOGE is trading around $0.137, representing a surge of nearly 12% in the past day. Moreover, DOGE's trading volume is up more than 59%, currently at $2.26 billion.
Due to its association with Musk's ideas and past support, crypto investors saw Musk's plan as a potential boost for Dogecoin. Speculative traders reacted strongly, with DOGE open interest (the number of unsettled futures contracts) rising sharply.
According to CoinGlass, Dogecoin's Open Interest is up more than 28%, now exceeding $969 million. The increased open interest, alongside rising prices, is seen as an indication of a strong market trend.
Dogecoin Outperforms Bitcoin Amid Market ExcitementWhile Dogecoin enjoyed a significant rise, other major cryptocurrencies did not see similar gains. Bitcoin, for example, rose only 1% during the same period.
Dogecoin's impressive performance extended its one-week gain to over 24%, making it the top-performing cryptocurrency in that time frame.
Elon Musk's influence on the crypto market is nothing new. The market responds whenever he mentions Dogecoin or hints at a related development.
His involvement in Trump's campaign and the proposed D.O.G.E department has created new interest in Dogecoin among traders.
According to Musk, D.O.G.E could significantly reduce government inefficiency, making taxpayer money work better.
Crypto traders are now speculating that discussions about D.O.G.E will continue if Trump wins the election, possibly boosting Dogecoin further. This anticipation, fueled by Musk's consistent backing of the meme coin, has led to a rise in speculative trading.
Musk's Influence on DOGE ContinuesOne influential trader even tweeted, Elon Musk is simply going to meme the Department of Government Efficiency' into existence - with validation from Trump!"
Musk's history with DOGE goes beyond political connections. His companies, such as X and Tesla, have previously accepted Dogecoin as a form of payment.
Each time Musk ties Dogecoin to a real-world use or teases new developments, the coin's price rises. This trend repeated itself after Musk's recent D.O.G.E announcement.
The announcement also led to increased interest in other meme coins. One Twitter user noted that Musk's promotion of Dogecoin could also positively impact Floki (F.L.O.K.I.), a meme project inspired by the name of Musk's pet dog.
everyone on CT seems to be talking about $DOGE now
don't forget that bonk guy gave you the playbook days before everyone all of a sudden jumped on the doge bandwagon and realized it is the best thing since sliced bread
it's also worth noting the relative strength from $FLOKI... https://t.co/AJybphVzYM pic.twitter.com/MVTjZqjQ5T
- Unipcs (aka 'Bonk Guy')
(@theunipcs) October 18, 2024
The user predicted that as Dogecoin gains traction, related meme tokens like F.L.O.K.I. will follow. Traders and investors closely monitor Musk's actions while awaiting the next Dogecoin-related development.
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