The U.S. presidential election is heating up. Billionaire Elon Musk appeared in the key battleground state of Pennsylvania on Thursday to campaign for Republican presidential candidate Donald Trump. During the process, he talked about his feelings about the "government efficiency department" ( D.O.G.E.) inspired the price of Dogecoin (DOGE) to surge rapidly by more than 10%, exceeding $0.13, hitting the highest level since the end of July.

Musk first proposed the idea of ​​establishing a "Government Efficiency Department" in August this year, after Trump announced his intention to recruit him to the cabinet, or at least serve as a government adviser. After hearing this, Musk posted a message expressing his "willingness to serve" and posted a meme that played with homophones, joking that he would serve in the "Department of Government Efficiency" (Department of Government Efficiency), and even noted the department's abbreviation as "D.O.G.E.", which is similar to Dogecoin’s trading code is the same as “DOGE”.

It is reported that this new department aims to make government spending more efficient while simplifying the operations of the budget department. It is also responsible for conducting "comprehensive financial and performance audits" of the federal government to reduce unnecessary expenditures.

During Thursday's campaign, Musk further mentioned more details, saying that "D.O.G.E." will operate in a manner similar to that of a business, advocating the implementation of a "rewarding the good and punishing the bad" system to reward those with superior performance based on their merits. Those who fail to meet the standards will be punished.

Cryptocurrency traders believe that if Trump is elected, the possibility of the U.S. government establishing a new department "D.O.G.E." will further draw attention to Dogecoin and help boost market popularity.

According to CoinGecko market quotations, Dogecoin (DOGE) was trading at $0.1348 at the time of writing, up 10.1% in the past 24 hours and 25.1% in a single week. It outperformed the leader Bitcoin and became the major cryptocurrency with the strongest gains today.

At the same time, Dogecoin’s open interest (the number of unsettled futures contracts) surged to more than 5 billion, reminding readers to pay attention to the risk of short-term currency price fluctuations.

"Inspiring Dogecoin to rise by more than 10%! Musk voted for Trump and talked about the concept of the new department "D.O.G.E."" This article was first published on (Block Guest).