Elon Musk, who supported Donald Trump in the US presidential election, has seen the value of Dogecoin (DOGE) increase after remarks in Pennsylvania, where Musk announced the creation of a department called D.O.G.E., which would oversee other departments involved in government spending. The department, called the Department of Government Efficiency, quickly sparked a surge of interest in Dogecoin.
Following Musk's speech, the price of Dogecoin ($DOGE) skyrocketed, up 10% in the past 24 hours alone. This is the first time since July that DOGE has crossed the $0.13 mark. Musk appeared at a pro-Trump event in Pennsylvania, where Republicans and Democrats are locked in a fierce battle. He claimed that the D.O.G.E. unit would ensure taxpayer dollars are spent efficiently.
Musk is expected to hold more protests in Pennsylvania, and investors believe that the price of Dogecoin will continue to rise sharply when these protests end. According to cryptocurrency experts, if the D.O.G.E. unit does become part of the government, interest in Dogecoin will spike. “Elon Musk will create a Department of Government Efficiency with Trump’s approval, and he will continue to strongly support D.O.G.E. until it is established,” said analyst theunipics.
Data from CoinGecko shows that Dogecoin has increased by 25% in the past two weeks, with trading volume reaching $2 billion following Musk's statements. Musk has made several statements about Dogecoin during the 2021 bull market, especially the "DOGE to the Moon!" slogan that played a major role in driving DOGE to its current position. However, Musk is also facing a lawsuit from a group of DOGE investors, accusing him of manipulating the price of the coin.
