Elon Musk on stage, DOGE at the top: Has the expected moment arrived?
Elon Musk, who supported Donald Trump in the US presidential elections, increased the price of DOGE with the sentences he made at the Pennsylvania rally.
Musk announced that a department with the abbreviation D.O.G.E would be established and that the department in question would regulate other departments dealing with spending. The Department of Government Efficiency mentioned at the rally ignited the fuse of the memecoin craze.
Dogecoin ($DOGE ), the largest memecoin by market value, took off after Musk's speech. DOGE has increased by 10 percent in the last 24 hours.
Musk's sentences the other day took the price of $DOGE above $0.13 for the first time since July.
Musk took the stage for Trump in Pennsylvania, where Republicans and Democrats are competing head-to-head. The famous billionaire stated that the department called D.O.G.E will ensure that taxpayers' money is spent more efficiently by the government.
Musk will hold several more rallies in Pennsylvania. Musk is expected to talk more about D.O.G.E at these rallies. Investors believe that the DOGE price will gain significant momentum by the time the rallies are over.
According to crypto experts, if the department called D.O.G.E becomes part of the government, interest in Dogecoin will increase. Analyst theunipics said the following;
“Elon Musk will create the Department of Government Efficiency with Trump's approval. You can expect him to continue to aggressively support D.O.G.E until this concept is created.”
According to CoinGecko data, the popular memecoin has grown by 25 percent in the last two weeks. $DOGE reached a trading volume of $ 2 billion with Musk's statements.
Musk had frequently made statements about DOGE during the 2021 bull market. Musk, especially known for his “DOGE to the Moon!” statement, contributed to DOGE reaching its current position. A group of DOGE investors had filed a lawsuit against Musk on the grounds of manipulation.
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