As the U.S. presidential election heats up, billionaire Elon Musk appeared in the key battleground state of Pennsylvania on Thursday to campaign for Republican presidential candidate Donald Trump. During the event, he talked about his idea of ​​a "Department of Government Efficiency" (DOGE), which prompted the price of Dogecoin (DOGE) to soar by more than 10%, breaking through $0.13 and reaching its highest level since the end of July.

As the U.S. presidential election heats up, billionaire Elon Musk appeared in the key battleground state of Pennsylvania on Thursday to campaign for Republican presidential candidate Donald Trump. During the event, he talked about his idea of ​​a "Department of Government Efficiency" (DOGE), which prompted the price of Dogecoin (DOGE) to soar by more than 10%, breaking through $0.13 and reaching its highest level since the end of July.

Musk first proposed the idea of ​​setting up a "Department of Government Efficiency" in August this year, after Trump announced his intention to recruit him to the cabinet, or at least as a government advisor. Musk then posted a message saying he was "willing to serve" and posted a meme to tease that he would work in the "Department of Government Efficiency", even noting that the abbreviation of the department was "DOGE", the same as the trading code of Dogecoin "DOGE".

The new department is said to aim to make government spending more efficient while streamlining the operations of budget departments and will be responsible for conducting a "comprehensive financial and performance audit" of the federal government to cut unnecessary spending.

During a campaign event on Thursday, Musk mentioned more details, saying that "DOGE" will operate in a similar way to a business, advocating the implementation of a "reward the good and punish the bad" system, rewarding those with good performance and punishing those who fail to meet the standards.

Cryptocurrency traders believe that if Trump is elected, the possibility of the U.S. government setting up a new department "DOGE" will further attract attention to Dogecoin and help drive market heat.

According to Coingecko's market quotes, 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, outperforming the leading cryptocurrency Bitcoin and becoming the major cryptocurrency with the strongest growth today.

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