Tesla CEO Elon Musk's favorite cryptocurrency, Dogecoin (DOGE), has been gaining attention as it has surged in price over the past 24 hours. Behind the surge, as usual, is Elon Musk.
Musk's support for US presidential candidate Donald Trump and the possible political implications of the acronym DOGE have led to a surge in interest and price of DOGE.
At this time, Elon Musk announced plans to create a “Department of Government Efficiency,” abbreviated as DOGE, at a town meeting in Pennsylvania yesterday and the price of Dogecoin began to rise.
During the event, an attendee asked Musk if he would create a new “Ministry of Government Efficiency,” to which Musk cheerfully replied, “Sure, Doge.”
The ministry, abbreviated as DOGE, aims to simplify spending management departments while ensuring that taxpayers' money is spent more efficiently by the government, according to the statement.
Elon Musk’s frequent appearances on the campaign trail have led to higher expectations for DOGE among crypto investors. At this point, it is reported that investors are expecting DOGE to become part of the government and its price to increase following a possible Trump victory.
Elon Musk has donated more than $75 million to American PAC since July when he emerged as a key supporter of Donald Trump's presidential campaign.
Following Musk’s announcement, the price of DOGE has increased by 10.3% in the past 24 hours, reaching over $0.13. Dogecoin is also exploding on social media. Activity has reached a 12-month high, with the price approaching a 3-month high.
