Dogecoin Price Surges 10% as Elon Musk’s ‘Department of Government Efficiency’ Gains Traction

As a seasoned observer of the crypto market with over a decade of experience under my belt, I must admit that the recent surge in Dogecoin (DOGE) prices has piqued my interest. The 10% increase in just 24 hours is certainly noteworthy, especially considering it’s one of the highest among major cryptocurrencies.

In the last 24 hours, the value of Dogecoin (DOGE) increased by 10%, possibly influenced by discussions on platform X and heightened anticipation for further endorsements from Elon Musk in the upcoming months.

Despite a general increase in crypto prices, with Bitcoin surpassing $68,000 for the first time since July’s end, Dogecoin stood out among the major cryptocurrencies by experiencing the most significant growth. This surge coincided with an increase in trading volumes and a notable spike of approximately $120 million in open interest (OI) related to Dogecoin futures contracts.

There was increased curiosity towards DOGE following news that influential X accounts showed interest, as it was disclosed that Elon Musk had donated $75 million to an American Political Action Committee (PAC) since July. Notably, this PAC is primarily responsible for organizing the Trump campaign’s grassroots activities in crucial states ahead of the November presidential elections.

In recent months, Elon Musk seems to be aligning more with Republican presidential candidate Donald Trump, as evidenced by increased financial contributions and endorsements. On several talk shows, he’s discussed the idea of establishing a “Department of Government Efficiency” (D.O.G.E), aiming to streamline government spending for better efficiency.

According to the BBC report, Trump has expressed his intention to bring Elon Musk on board to manage a “streamlining and optimization committee” if he secures another term as the President of the United States.

Among traders, there’s a widespread belief that if Trump wins, it might spark more conversations about “DOGE,” thereby increasing retail focus and curiosity towards Dogecoin.

According to influential X trader @theunipcs in a recent post, Elon Musk intends to push for the establishment of a ‘Department of Government Efficiency’ by making it a popular topic on social media, with endorsement from Trump. Furthermore, he is expected to consistently promote this idea until it becomes a reality.

A while back, Dogecoin surged due to a minor sports team. Now, you’re saying we plan to name a public institution after it next year?,” is one way to paraphrase the original statement in a more natural and easy-to-read manner.

Musk consistently backs Dogecoin and often sees its value increase when it comes to payment-related advancements within companies he owns, like SpaceX or Tesla.

As a dedicated researcher in the field, I found myself intrigued by Elon Musk’s hint on Twitter in April 2023 regarding Dogecoin (DOGE) as a potential payment method for Twitter Blue, their premium subscription service offering additional features.

Elon Musk’s electric vehicle company, Tesla, is open to accepting Dogecoin (DOGE) as a payment method when shopping at the Tesla Store.