While Bitcoin (BTC) and other altcoins continue to rise, Elon Musk's favorite coin, Dogecoin (DOGE), has distinctly separated from the market thanks to its price increase.
While the efforts of Elon Musk and the Trump administration to manage DOGE have positively impacted Dogecoin's price, interest in DOGE futures has surged.
Data shows that interest in Dogecoin futures has reached a new record high since April, with open interest rising by 33% since Sunday to 8 billion coins. DOGE bets on this stablecoin have increased from $850 million to $1.3 billion.
As open interest rises alongside prices, this indicates that new money is flowing into the market and a strong bullish trend is underway.
Interest in Dogecoin futures is skyrocketing thanks to the potential establishment of a DOGE department in Donald Trump's administration and the resurgence of trade interest in DOGE.
The rise in Dogecoin's price is also attributed to Elon Musk's support for Trump, Trump's increasing chances of winning, Trump's promise to appoint Musk to a government efficiency committee if he is re-elected, and the potential establishment of the Government Efficiency Department (DOGE).
The user named 'theunipcs', known for altcoin transactions on X and as an influential investor in the market, has assessed the growing interest in DOGE futures on Coindesk.
"Elon Musk is turning the idea of a 'Government Efficiency Department' into reality and somehow, he may link it with DOGE.
If Trump wins the election after the US elections next week, I expect Dogecoin to see even stronger growth as the DOGE department will definitely be established.
"There could be a delay of a few months between Trump's victory and his inauguration, and the establishment of such a department would provide solid trading opportunities."
Dogecoin (DOGE), which has increased by 15.9% in the past 24 hours, continues to trade at $0.164 at the time of writing.
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