TechFlow reported that on October 16, CoinDesk reported that with the upsurge of social media discussions on Elon Musk's "Department of Government Efficiency", the price of Dogecoin (DOGE) has risen by 10% in the past 24 hours, breaking through the $0.12 mark. Musk recently donated $75 million to the political action committee supporting Trump's campaign and publicly proposed the establishment of a government efficiency department consistent with the abbreviation "DOGE", further promoting the market's attention to Dogecoin.

Musk’s close relationship with Trump and their recent interactions have increased expectations for more support for Dogecoin in the future, especially if Trump wins the election. With DOGE-related trading volume and futures open interest (OI) surging, market interest in the token has clearly increased.