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Dogecoin Jumps 9% After Elon Musk Accepts Trump’s Cabinet Offer
Dogecoin’s price surged nearly 9% today following a major announcement from Tesla and SpaceX CEO Elon Musk. Musk has humorously accepted a cabinet position from Donald Trump, dubbing it "DOGE," which stands for "Department of Government Efficiency."
In a post on X (formerly Twitter), Musk stated, “I am willing to serve,” signaling his readiness to join Trump’s potential administration. Musk’s playful reference to the position as "DOGE" immediately caught the attention of the Dogecoin community, leading to a sharp 9% increase in the token’s price, bringing it to $0.1052.
This price spike follows a broader market uptrend, supported by a 9% rise in Dogecoin futures open interest and a 76% increase in derivatives trading volume. Despite the enthusiasm, Dogecoin’s 14-day RSI remains at 47, indicating a neutral market stance.
Musk’s acceptance of Trump’s offer has generated significant buzz in both the political and crypto worlds, adding an intriguing twist to the ongoing U.S. presidential race. As the November elections approach, Musk’s involvement in a Trump administration could have far-reaching implications for both politics and the cryptocurrency market.
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