Elon Musk has proposed creating a Department of Government Efficiency (D.O.G.E.) if Donald Trump is re-elected as president. This initiative aims to make government spending more efficient and streamline administrative processes to save taxpayers’ money. Trump has shown support for Musk’s idea and mentioned that he would appoint Musk to lead a government efficiency commission if he wins the election.
As a result of this announcement, Dogecoin (DOGE) experienced a significant surge in price, increasing by 10% in just 24 hours and surpassing $0.13. The interest in DOGE futures also saw a boost, with open interest rising by 18.09% to $926.76 million, and options volume increasing by 616.31%. This indicates a higher level of market activity and investor interest in Dogecoin.
The news of Musk’s proposed government department has sparked discussions about Dogecoin on social media platforms, leading to increased retail interest in the digital asset. Some traders believe that if Trump is re-elected, it could further integrate DOGE into government discussions and potentially increase its adoption and value.
Elon Musk has a long-standing relationship with Dogecoin, often making announcements that impact its price and lead to legal action against him. In the past, Musk has hinted at the possibility of accepting DOGE payments and has now revealed the name of the proposed Department of Government Efficiency during a town hall meeting in Pennsylvania.
While Musk continues to support Trump’s campaign and use Dogecoin references to draw interest, he has not made significant moves to support the crypto industry since Tesla stopped accepting Bitcoin in 2021. Recently, Tesla transferred all of its Bitcoin to a new wallet.
As of October 18, 2024, Dogecoin is ranked #8 by market cap, with a market capitalization of $19.71 billion and a 24-hour trading volume of $2.05 billion. The total crypto market is valued at $2.32 trillion, with a 24-hour volume of $77.42 billion and Bitcoin dominance at 57.66%.
Overall, Elon Musk’s proposal for a Department of Government Efficiency has had a positive impact on Dogecoin, leading to increased market activity and investor interest in the digital asset. The future of DOGE may be influenced by the outcome of the upcoming presidential election and Musk’s continued support for Trump’s campaign.